British government is likely to speculate GBP 16 billion today (November 25) on a series of tax cuts to try to kick-start the economy and fend off the effects of recession following the global financial turmoil.
In the most important pre-budget statement for many years, British chancellor, Alistair Darling is likely to slash value added tax (VAT) from 17.5% to 15% the first time it has ever been reduced. There will be a clear aim to put more money in families` pockets with a series of tax-cutting measures to get people spending again. Darling is expected to target the wealthy with a new top rate of tax to help pay down soaring government borrowing, as he prepares to unveil a GBP 12.5 billion VAT cut to encourage Britain to shop its way out of recession. The Chancellor will announce plans for a new 45% top tax rate to be set up about GBP 1.5 million a year, to be introduced after the next election B.Karthick Research Analyst. --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Kences1" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/kences1?hl=en -~----------~----~----~----~------~----~------~--~---
