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Surprise surprise, Alistair Darling to hit high earners

As we approach the pre-budget report this week Alistair Darling, the Chancellor of the Exchequer, has warned the high earners of the UK that they will be expected to "bear the greatest burden" over the next few years. This comes as no surprise to those in the UK who have been monitoring the economic situation and the very fact that the UK government has spent well over £1 trillion in bailing out the banking sector together with various fiscal stimulus programs.

However, there is great concern that the short-term rush to increase tax receipts from the more wealthy in the UK could backfire in the medium to longer term with a number of prominent business people considering moving their businesses and their domicile overseas. It is very difficult to find a balance between taxing those with the funds to pay and making the UK as attractive a place as possible for entrepreneurs and business people. Whether Alistair Darling will be able to find a balance remains to be seen as the situation is literally balanced on a knife edge.

We will be covering the pre-budget report in great detail as and when it is announced together with the reaction from those in the City and those in business.

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