There we go another Budget from the Government and Alastair Darling, the Labour Chancellor of the Exchequer.
KEY POINTS IN THE BUDGET
1. 50% tax rate for earnings over £150,000
2. Big debt and deficit increases
3. Economy shrinks at record rate
4. Public spending squeeze planned
5. Books not balanced until 2018
6. 2p on fuel, 1p on a pint of beer and 7p on cigarettes
7. £15bn public sector 'efficiency savings'
8. Claw back tax relief on top earners' pension
9. £2bn help for young unemployed
10. £1bn to boost housing market
11. £2 ,000 car scrappage scheme
Source: BBC Business News
1. 50% tax rate for earnings over £150,000
2. Big debt and deficit increases
3. Economy shrinks at record rate
4. Public spending squeeze planned
5. Books not balanced until 2018
6. 2p on fuel, 1p on a pint of beer and 7p on cigarettes
7. £15bn public sector 'efficiency savings'
8. Claw back tax relief on top earners' pension
9. £2bn help for young unemployed
10. £1bn to boost housing market
11. £2 ,000 car scrappage scheme
Source: BBC Business News
It looks like we are all going to pay for the collapse of the Global Banking System. Taxes will inevitably rise and public spending cuts. So I wonder what is the future for hospitals, schools, and the police, as well as every service provided by Local Authorities.
It is a huge gamble by Darling. He's borrowing money to use to offset the increasing unemployment rate we face. We just all hope it works!
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