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Can the UK government afford to give away £15 billion in tax cuts?

As rumours grow that the UK government is on the verge of announcing massive tax giveaways which could see in excess of £15 billion returned to taxpayers, there is concern that UK debt is getting out of control. The total debt of the UK government is now approaching the £600 billion level and will literally take decades to pay back.

When you consider that the era of Margaret Thatcher in the 1980s saw the government actually repaying debt rather than increase the UK debt, this is something of a major turnaround. Those who believe Gordon Brown has just increased the debt over the last few months will be surprised to know that even in the good times spending on public services was at a level higher than tax receipts.

It seems as though Gordon Brown will have his work cut out to explain to the UK taxpayer how nearly £700 billion of taxpayers money and borrowing can be spent in only a few months with very little to show as yet. If the £15 billion tax giveaways does prove to be the turning point in the economic cycle many will ask why this was not tried earlier. Either way, Gordon Brown has taken and continues to take some major risks with the UK economy and his reputati

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