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Tax Corner
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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