Thursday, Feb 19, 2009
Expect very high tax rises....
FTimes: UK to miss annual borrowing target
''The public finances took a sharp turn for the worse in the crucial month of January as the recession and credit crisis hit corporate and personal tax revenues, making it almost impossible for the government to meet its borrowing target made in late November. In his autumn pre-Budget report, Alistair Darling forecast government borrowing of £77.6bn in the 2008-09 financial year, a sharp deterioration on the £35bn outturn for 2007-08.''
Posted by hpwatcher @ 11:03 AM (385 views) Add Comment
1 Comment
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1. 51ck-6-51x said...
The FT's front page story today is Tax-take to reveal depth of crisis and points out that the headline public net debt is set to rise to 250% of national income, but that it does not accurately reflect what the British taxpayer really owes, which they suggest is more likely in the region of 10%.