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Is Alistair Darling set to reverse his recent tax hike?

In what would appear to be the early signs of another U-turn by the UK government, Alistair Darling has opened the door to a potential reversal of the higher rate tax increase which comes into effect next April. The increase in the top rate of tax in the UK from 40% to 50% was accompanied by a serious and prolonged attack on the more well-off areas of the UK population. However, in a surprise U-turn it appears that Alistair Darling may be looking to introduce a sweetener as we approach the next general election.

Even though many statisticians and economists had suggested the increase from 40% to 50% in the top rate in the UK would only bringing a tiny increase in income it had been suggested it was a main plank of the UK government's future plans. Whether the Labour Party is looking to attract floating voters who may have voted Conservative if the higher rates have remained indefinite remains to be seen but amid signs of political shenanigans this situation has been complicated yet again.

It is difficult for consumers and businesses to plan ahead for the future as the UK government continues to flip-flop between certain strategies and certain financial changes. What we need is a firm but fair approach to taxation in the UK and an honesty which appears to be missing from the overall political scene at this moment in time.

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