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Taxpayers set to feel the strain

As the UK budget comes under more and more pressure with a £175 billion deficit expected this year alone, many taxpayers are already braced for a significant increase in their taxes. Despite what the government and opposition parties are saying in the House of Commons and in the press there is no doubt that taxes will need to rise, and rise quickly, in order to put the UK government budget back on track.

Anyone who expects the UK economy to race ahead in the short to medium term is likely to be disappointed as any significant increase would soon be addressed by higher taxes and lower disposable incomes. This will rein in any significant bounce in the economy in the short to medium term until UK finances are back on an even keel.

It is interesting to see that a number of UK businesses have already expressed an interest in leaving the country because of the aggressive tax system, as have a number of high-profile business people. Unfortunately these are not publicity stunts and are in fact genuine grievances against the UK government and the UK tax regime. The authorities are highly unlikely to change their track in the short to medium term and we could see more high-profile businesses and business people leave these shores.

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