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George Osborne set to target banks and property owners

In a move which will certainly upset the traditional core Conservative party support in the UK it would appear, from leaks emanating from 11 Downing St., that George Osborne is set to make UK banks and property owners pay the price for the depressed UK economy. There have been rumours for some time about a potential banking levy and the proposed increase in CGT could hit as high as 50%, on a par with the higher rate of income tax. So can George Osborne afford to hit banks and property owners?

Whether or not these "official leaks" from 11 Downing St. are correct or not remains to be seen but the proof will be in the pudding when we see George Osborne's budget release on 22 June. There is no doubt that the Chancellor of the Exchequer needs to increase UK tax income while also reducing spending in the public sector. However, these are two such actions which will anger many in the UK and ultimately could lead to a significant drop in support for the coalition government.

However, there is some speculation that the government is pushing a "worst case scenario" so that when the budget is announced on Tuesday, George Osborne can backtrack a little and reduce the pain. Whether this will be enough to placate UK voters and the UK business arena remains to be seen.

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