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UK set for massive tax rises

The National Institute of Economic and Social Research has today issued a paper suggesting that UK taxes will have to rise by the equivalent of six pence on the basic income tax rate to reduce the UK budget deficit. There is also a growing belief that the economy is by no means over the worst and rising unemployment and sluggish trading could have a major impact over the remainder of 2010.

Despite this the Institute is expecting growth of 1% in the UK economy this year and 2.25% growth in 2011 although behind-the-scenes the UK financial situation is dire to say the least. There is a growing feeling that the major political parties have yet to reveal their real plans for cuts in public sector spending and tax rises for the next parliament. As a consequence, the figures that we see today regarding potential public sector cuts and tax rises may bear little or no resemblance to the actual figures revealed when the next government is in place.

Yesterday's leader's debate centred round the UK economy and while there were some interesting revelations from all of the leaders, neither of them is yet willing to reveal their "real" plans. It looks highly likely we will see an emergency budget whichever party or parties make up the next government.

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