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Who will win the battle of the taxes?

As both Gordon Brown and David Cameron set out their thoughts on the future with regard to taxation levels in the UK this is turning into something of a battleground with the winner set to take all. There seems to be a growing consensus that tax cuts or at the very least adjustments to current tax allowances are required to put more money in the consumer's pocket and try to stimulate the economy.

There appears to be a growing debate as to whether the UK economy can afford further unfunded tax cuts or whether the readjustment of the current setup will offer enough stimulus to the economy. For the first time in many years it appears as though the Tories are set to be the least aggressive on the tax front with Gordon Brown set to increase UK debt to record levels. This has the makings of a fascinating debate and one which could turn on its head every historic element of these two great political parties.

However, after all of these initial euphoria had died down there appeared to be something of a backtrack from the Labour government when Tony McNulty suggested that taxes would have to rise "over the longer term".

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