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Darling Unveils UK Budget: Top Earners to be Taxed 50%

Alistair Darling today unveiled the budget which has been described by those commentators more prone to exaggeration as ‘the most important budget ever’ – notably increasing income tax for those earning over £150,000 a year to 50%.

Debt in the UK has hit a new record high of £175 Billion, according to Darling, while the economy has shrunk by a post-war high of 3.5%.

The Government plans to restore economic parity primarily by 1 and 2% increases in alcohol and tobacco duty and a £2,000 ‘car scrappage’ scheme which, it is hoped, will help bolster the dwindling British manufacturing industry.

Meanwhile, David Cameron, leader of the Opposition, held the labour Government responsible for many of the economic problems the country now faces, stating that “Britain simply cannot afford another five years of Labour”.

About Politics Desk

Politics Desk
Editors and staffers from the Politics Desk at The Global Herald.

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