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Thursday
May272010

Coalition Tax Upset for Middle Britain Earners

Ever since news of the new coalition government was announced, I have been watching developments with great interest.  Everyone is aware how important it is for us to start reducing the huge deficit that Britain now has hanging around its neck.  I knew this would mean cuts in certain places, and let’s be honest wherever those cuts fall the outcome will not be popular.

But according to reports I have read in recent days, it seems that Middle England is going to be suffering more than some.  For starters the rate of National Insurance is set to increase, which will hit many people in this sector of society.  Tax credits are also set to be lost, which will provide the affected people with a double whammy of bad news to swallow.

Further to this I have read in many different places that there is a real chance that VAT will go up at some point under the new government.  However the new Prime Minister David Cameron has said he does not intend to do this in the near future, and experts were speculating on such a move long before the election even took place.

However it would appear that had the Liberal Democrats agreed a deal with Labour to try and help them stay in power, the news would have been even worse.  Gordon Brown’s plans would have been even more expensive for those in Middle England, so perhaps we should be thankful for small mercies.

In any event it will pay dividends to keep an eye on the latest policies to be adopted by the new government.  If you have any problems or questions about your own tax status, don’t hesitate to contact St Matthew so we can advise you.

 



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