UK budget: ' 10 bn of new taxes on anvil'

More than 10 billion pounds of new taxes are to be unveiled by the UK in emergency budget on Tuesday as part of an estimated 85 billion pounds package of savings and tax rises to reduce Britain s record peacetime deficit, media reported today. According to the Sunday Times , new Chancellor of Exchequer George Osborne will announce increase in VAT and capital gains tax on top of the Labour increases in National Insurance already in the pipeline. Alcohol and tobacco duty will also increase, along with the tax on air travel, as the chancellor seeks to close the 155 billion pounds ...

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