UK Prime Minister, Gordon Brown said he will push ahead with his pledge to halve the country’s deficit in 4 yers by raising taxes on the wealthy.
6 Responses to “Gordon Brown to halve deficit by raising taxes on the rich”
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AUTOREFRESH 
Britain’s q4 gdp #’s, released Jan 26th, will prob be good, due to the vat effect. But when the q1 gdp #’s are announced on Apr 23rd, they prob won’t be so good. Brown would be well-advised to call the election later than sooner. His party has presided over the country’s deepest recession and largest budget deficits since ww2. He won’t win- be he can at least keep it close by waiting until June to call the election. Then again, a hung parliament wouldn’t help the country. Trading the gbp/usd in 2010 is going to be quite interesting. 1.57 then 1.50… Brown and Cameron can talk deficits all they want, but they, like all politicians, care about jobs – they’ll call attention to the deficit so that they can get the devaluation they want to help spur exports and business activity.
This should be enough of an eye opener for everyone in Britain to vote for any other party. “The rich” even though they contribute at a higher rate do not make a substantial proportion of income tax as by definition they are a minority (otherwise they would be middle class).
Raising their rate unfairly will mean they will try to avoid it or conduct their businesses from overseas. They are rich not stupid.
Unfortunately there are many people that buy this nonsense.
Labour will use class warfare against the Tories. It’s just a matter of extent. The bonus windfall tax was the first step. And given the MPS’ expense scandal, Labour may find class-based attacks like these tax-the-rich schemes their best (and only) weapon. Honestly, neither side looks like they have any sort of compelling vision to turn the country around in the near term. The Tories will probably be able to blame the recession and the deficits on Labour and win, but with a very slim majority in Parliament. After the financial crisis, there is a widespread sense that the class that the Tories represent has let the country down.
I am on economist but even I can see the UK is heavily reliant on the financial sector for a very large part of its wealth. The genius behind wacking a big tax on banker bonuses should be strung up from tower bridge. Any fool can see all that will do is force all the top people out into other countries and the financial sector in london will get screwed along with the rest of the country because of it. Publicity stunt much??!?! The *ONLY* reason for it is a pathetic attempt to gain public support by being seen to bash the bankers that caused the financial meltdown, all its going to do is screw us further.
It’s the blame game. Tories blame Labour for the recession/debt; Labour blames the rich Tories for creating the financial crisis. In the end, it’ll come down to who wants it more. Brown looks tired and Cameron looks ready- the televised debates should be quite interesting. Neither side has a solution, so they’ll try to look like stand-up guys while blaming the other for the mess.
[...] Gordon Brown says will raise taxes on the rich and halve the deficit in four years. [...]