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We did not want to increase taxes

Gordon Brown has this evening claimed that the recent rise in high rate tax was a necessity rather than an option for the authorities. In what many see as an attempt to quell fury among higher earners in the UK the Prime Minister suggested that neither himself nor Alistair Darling deliberately targeted high earners in the UK. However, he did confirm that the UK government needs to raise as much money as possible in the short to medium term to invest into the economy, cover public service expenses and also try to play down the UK national debt.

He also claimed that the basic rate of tax has fallen under the Labour government, which strictly speaking it is true, although he failed to highlight the fact that national insurance has risen substantially under the Labour government and is likely to move higher. This has been something of a political hot potato for some time, as the UK government fights tooth and nail to keep basic rate tax as low as possible while introducing VAT on new sectors and goods as well as increasing indirect taxes.

However, for many highly earners and international businesses the damage has already been done and a number have already moved or announced plans to move away from the UK.

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