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Who can you trust on taxes?

Over the last few days it has become apparent that each and every political party in the UK has plans to increase either income tax, VAT, introduce other taxes or a mixture of them all. This comes despite the fact that the Conservative party has become a focal point for criticism by the Labour Party and the Liberal Democrat party with regards to VAT and a potential rise. The truth is that no one party has ruled out a rise in VAT although no one party has ruled in a rise as yet.

In simple terms, all political parties are saying what consumers want to hear at the moment when in reality there will need to be a significant increase in tax income in the short to medium term. The UK finances are in a mess, tax income is down and the budget deficit will only be halved to around £80 billion a year within four years. This would mean UK national debt increasing by a minimum of £80 billion a year for the next four years.

There is a growing feeling in political circles that the next government will actually inherit something of a poisoned chalice with a no-win situation where they will need to increase taxes and reduce public sector investment. This could well pave the way for yet another change in government four years down the line once all the hard work has been done and hopefully the UK economy is back on an even keel.

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