UK taxpayers vent fury at Chancellor Of The Exchequer
Alistair Darling, the Chancellor of Exchequer, has set himself on a collision course with UK consumers after his comment that "UK consumers should learn to live within their means". This comment comes at a time when the UK government is literally wringing every penny it can out of the UK tax system to bail out the UK bank system and increase the U.K.'s funding to the IMF. However, does Alistair Darling have a point?
While there is no doubt that UK consumers, encouraged by the UK government, have overstretched their finances over the last few years, the UK government is not exactly preaching from a position of strength. With the UK annual budget deficit forecast to be around £175 billion this year and remain in deficit for the foreseeable future, surely the UK government should gets its own house in order before it criticises the UK consumer?
There is also the small fact that UK national debt has now reached £1.2 trillion with many experts believing it could top £2 trillion before it starts to fall back. Can you guess who will be expected to increase payments to the tax system? Yes, it will be the UK consumer, the group which Alistair Darling believes has been living beyond its means for some time!
Share this..
Related stories
Why has the public sector workplace grown out of control?
The recent revelation that those in the private sector will need to work up to 9 years more than their public sector counterparts for 30% less income has shocked many in the UK. However, there is no doubt that investment in the public sector increased dramatically under the last Labour government and indeed the headcount and number of employees associated with the state ballooned. So why did the s...
Read MoreIs Gordon Brown attempting a smash and grab on middle England pensions?
Those in the pensions industry have been briefing the UK financial press regarding a proposed change in UK pension regulations which could have a massive impact on middle England. It is rumoured that Gordon Brown is set to increase the tax take from private pensions, with the middle classes said to be in the firing line. It is forecast the government should be able to raise up to £5 billion a yea...
Read MoreHow will BP stop the oil leak?
There have been some major developments in the Gulf of Mexico oil crisis with some experts suggesting that an explosive device or even a nuclear device could be used to seal off the well. While US authorities are not contemplating this drastic action at this stage the very fact that the official in charge of managing the US response to the issue has even discussed it in public is alarming. This...
Read MoreThousands to experience rise in Mortgage Rates from BOI
Thousands of borrowers who took out tracker mortgages with the Bank of Ireland (BOI) will see their rates increase from Wednesday, leading to a barrage of official complaints. The change in rates will affect around 13,500 homeowners, most of which are landlords who bought on a buy-to-let basis. However any complaints are set to fall on deaf ears as BOI says that customers were warned that the f...
Read MoreEuropean Union meddles in accounting sector
Over the last few months there have been growing hopes of an agreement between international accountancy regulators regarding a convergence of accountancy practices. However, just as this worldwide convergence appeared possible the European Union has now stepped in with one of the most blatant power grabs by Brussels of late. Michael Barnier, the European Union's new internal market Commissio...
Read More