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An overview of the UK budget

Yesterday saw one of the most crucial budgets in history of the Labour Party at a time when the UK economy is feeling the pain and UK voters are looking elsewhere for optimism. While initially there was relief that on the face of it Alistair Darling had decided not to bring in substantial tax rises, under the surface in the small print, things are very different.

One of the more blatant attempts to divide and conquer UK voters was the introduction of a 50% tax charge for those earning over £150,000 a year which was an increase from the original 45% tax charge suggested last year. Even though the UK government would argue this will bring in significant extra income when introduced next year, independent reports forecast little or no increase in tax income from these individuals, many of whom may well decide to move overseas.

The one element which is obvious from a distance is the death of new Labour and the emergence of old Labour in the pursuit of votes in next year's general election. Make no mistake, this budget was one of a political nature and one which was devised to widen the so-called "class wars" between the UK political parties.

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