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Budget 2010: No pain no gain

The financial press today is full of contradicting advice and opinions regarding the UK budget yesterday but the bottom line is that with UK finances flat lined there is no way we will see recovery in the UK without pain. In simple terms, no pain no gain for the UK economy and no pain no gain for UK taxpayers!

Those who believe that taxpayers will not see higher income tax in the short term, potentially higher VAT, higher council tax and a generally high cost of living are living in cloud cuckoo land. Despite the fact that Gordon Brown and Alistair Darling are continuing to invest in the public sector, with a further £30 billion going in this year, there is no way on earth that this can continue. The UK economy is fragile, UK debt is set to increase over the next four years and UK taxes will follow suit.

Whether you believe yesterday's budget was a budget designed for political purposes or to at least support the UK economy in the short to medium term is up to you, but there is no doubt there is significant pain to come for UK taxpayers and UK businesses in the short, medium and longer term.

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