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Did the MPC know Gordon Brown was planning tax cuts?

As the minutes from the recent MPC meeting were revealed today there are suggestions that the members actually considered a more radical and deeper cut in interest rates than the 1.5% they agreed upon. This begs the question as to whether the MPC were made aware that Gordon Brown was considering introducing tax breaks into the UK to put more money back into consumer pockets.

The reason why many analysts are considering this scenario is the fact that the MPC actively discussed an even greater cut in UK interest rates earlier this month. They have since gone on record to suggest that any future interest rate reductions may well depend upon any potential tax giveaways Gordon Brown may be planning, with the suggestion that rates would not fall as far the more money that was given back to taxpayers.

Gordon Brown now has a very difficult situation in that he has already promised further interest rate reductions and tax breaks before Christmas. If he is unable to deliver on his promises he will be slaughtered by his opponents however if he can deliver on both sides he would stand accused of trying to bankrupt the UK economy.

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