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01 May 2009
The latest budget released by the Chancellor of the Exchequer, Alistair Darling, announced a series of tax increases. Most notable were the changes to personal taxation affecting individuals earning in excess of £150,000.
On Wednesday 22 April, the Chancellor of the Exchequer,
Alistair Darling, delivered his second Budget. He announced a
further net fiscal stimulus of around £5billion in
2009/10 whilst, at the same time, predicting that the economy
will shrink by around 3.5% in 2009 before recovering strongly
in 2010. This latter prediction was felt by many commentators
to be somewhat optimistic.
Despite the forecast of a recovery in 2010, the UK's budget
deficit is set to balloon with record levels of public
borrowing. To address the effects of the recession and the
budget deficit, and fund the costs of the various fiscal
stimulus packages that have been announced over the last year,
the Chancellor announced a series of tax increases, in addition
to those already announced in the Pre-Budget Report. The
highest profile of these were the changes to personal taxation
affecting individuals earning in excess of £150,000.
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