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Will short-term pain help the UK?

As George Osborne writes his final notes for tomorrow's budget speech there is a belief that short-term pain will result in long-term gain for the UK economy. However, it is becoming apparent that George Osborne will have to "mug" the middle classes and higher earners in the UK to reduce the UK budget deficit and attempt to address the UK debt situation. But could this backfire?

There's no doubt that many wealthy individuals in the UK and business leaders have been looking at potentially moving overseas as the UK taxation system becomes more severe. People who have saved years for their retirement are now on the verge of being hit by additional taxes, an increased cost of living and reduce benefits. Even though the government has hinted at a potential council tax freeze in the short-term this will do little to turn the mood of the UK public which is starting to move against the government.

Many people warned that George Osborne's first budget would be one of the most vital for the UK economy in recent history and it looks as though this could be the case. However, whether we will look back on this situation in years to come and applaud his bold decisions remains to be seen.

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