P232 ORACLE 232 Sun15 Mar ITV 2140:01   GOVERNMENT PLANS HUGE  INCOME TAX CUTS The Government plans huge income tax cuts to a basic rate of 27p or 28p in the pound before the next election. Treasury Minister Nigel Lawson said on LWT's Weekend World, "We would all like to see a 25p rate...how we can get there, I'm not sure." "What I'm sure of is that by the time of the election we will have income tax significantly lower than it is today". The cuts would come from further savings on public spdnding and ministers were now looking at these. A cut to a 27p or 28p income tax rate was "certainly not beyond possibilitybN