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Artist Tracey Emin threatens to leave the UK

Well-known artist Tracey Emin is apparently on the verge of leaving the UK and moving to France because of the ever increasing income tax rates in the UK and general cost of living. The UK government is set to bring in a 50% tax band which will hit UK earners bringing in more than £150,000 a year. Miss Emin believes that when you take into account the new tax band, national insurance and other costs she is effectively being charged 65p for every pound she earns.

Unfortunately, Tracey Emin is not the only prominent figure in the UK to criticise the UK government's handling of the tax system and the overall increase in the cost of living in the UK. We have seen companies moving to Ireland, where the tax situation is more amenable, and more and more business leaders reconsidering their positions in the UK. When we see the UK government bring in limits on banking remuneration and banking bonuses there will almost certainly be another backlash against the system.

It is no secret that the UK tax system is one of the most unfriendly in the world and with tax rates set to increase in the short to medium term, more and more tax income will end up in the pockets of the UK government.

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