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On the eve of what is sure to be Alistair Darling's most important political statement there is speculation and counter speculation about how he will address the situation of the UK economy next...
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Saturday 26th July 2008
As the economy lurches from a slow down into a full blown recession it would have been reasonable to expect talk of tax cuts and returning money to the UK population. However, tax cuts have never been further from the table with many even suggesting that the UK is braced for another round of tax increase. But does this make sense?
The truth is that the UK public purse is in such a bad way that tax will need to rise over the next few years to try and refill the public spending black hole which is forecast to top £50 billion this year – adding up to a total debt for the UK of some £550 billion. Quite how a country which has been as successful as the UK for so long can be so far in debt and looking to borrow more is a mystery.
Where have all the privatisation proceeds gone, where has the increased tax income disappeared to and what does the future really hold. Even the Conservative Party, whom many see as the next government in waiting, has suggested that there will be no tax cuts in the short term - this from a party which is renowned for cutting taxes to fund spending. If this is the case then the UK is maybe in a worse mess than any of us had suspected. |
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