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Do tax cuts now mean more to pay in the future?

As the UK voters awaken to a new era of potential tax cuts in the short to medium term there was some suggestion that short-term gains will end up in medium to long-term pain as money which is used to fund these tax cuts has to come from somewhere. Those taxpayers who believe that tax cuts now will not be repaid the future may well be in for a short sharp shock.

The main concern of many analysts is the fact that UK debt has risen to levels not seen in modern times. We are now looking at between £2000 and £3000 of debt for each member of the UK population which will at some stage need to be paid back. If the authorities are not able to increase income tax in the medium to longer term there are many other stealth taxes which can be introduced to claw back money which has been invested (or will be invested fairly soon) into the UK economy.

However, any payback of the debt which has been built up will not occur until the UK economy is on a more firm footing and taxpayers are actually able to afford future tax increases.

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