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Are we on the verge of a £1,000 a year income tax rise?

As the UK budget deficit of around £160 billion a year comes under more scrutiny there are serious concerns of a potential £1,000 a year income tax rise per person in the UK. A number of forecasters believe this is the amount by which annual income tax will need to increase over the next decade to allow the government to pay down debt and maintain public services.

There are also fears that many of the UK's more prominent business people may well look to move overseas if they are faced with further tax hikes in the future. This will not only result in reduced tax income for the UK government but could see some of the UK's best known businesses consider moving their headquarters and their tax domiciles overseas. This would be a major blow to the UK economy, the UK government and potentially the UK workforce.

SNP leader Alex Salmond joined the debate yesterday suggesting that the election next week could be compared to an "iceberg election" with all parties showing only a tiny fraction of their real plans for investment cuts and tax rises in the future. This could well be one of the more descriptive quotes we have seen for some time!

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