Wednesday, 22 April 2009

NEWS: Tax rise as UK debt hits record

Alistair Darling has said the UK will have to borrow a record £175bn as he admitted the economy faces its worst year since the Second World War.

The chancellor tore up a key New Labour election pledge by unveiling a new 50p tax rate for earnings over £150,000.
Total government debt will double to 79% of GDP by 2013 - the highest level since the Second World War. The annual budget deficit will rise sharply to £175bn for the next two years.

Liberal Democrat leader Nick Clegg said the government "have condemned us to years of unemployment and decades of debt" and claimed Labour had been "desperately rushing around picking up half-baked ideas to save the skin of this failing government".


In his speech, Mr Darling confirmed the economy would shrink by 3.5% in 2009 - far worse than his pre-Budget forecasts.


Posted by at

1 comment:

  1. Dixon24 April 2009 at 21:37

    S-cat check this out.
    http://scythianoffender.blogspot.com/2009/04/bring-in-swineflu-pandemic-brewing.html

    Drudge has several links as well about the outbreak that could be just over the horizion.
    Dix

    ReplyDelete

Subscribe to: Post Comments (Atom)