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09/04/2003
Budget forecasts revised but no bite into business
The announcement by Gordon Brown of the freezing of Corporation Tax, Small Business Corporation Tax and Capital Gains tax will be welcome by business leaders who had appealed for companies not to be made a target for revenue raising measures.
Concerns that middle-income earners would be hit by taxation were also dispelled by Mr Brown, who broke with tradition to make a lunchtime budget speech.
He confirmed that borrowing would be increased to help plug a £12 billion ‘hole’ in his budget plans from last year.
A general slowdown in the economy has badly affected revenues from industry and, with the economy performing more slowly that anticipated, Mr Brown will have to source extra funding to fulfil government pledges to increase public spending - particularly in the health and education sectors.
And with no quick end to the Iraq war in sight, Mr Brown was forced to make a £3 billion provision for the war chest while attempting to deal with the underlying growth problems in the UK economy.
(SP)
Concerns that middle-income earners would be hit by taxation were also dispelled by Mr Brown, who broke with tradition to make a lunchtime budget speech.
He confirmed that borrowing would be increased to help plug a £12 billion ‘hole’ in his budget plans from last year.
A general slowdown in the economy has badly affected revenues from industry and, with the economy performing more slowly that anticipated, Mr Brown will have to source extra funding to fulfil government pledges to increase public spending - particularly in the health and education sectors.
And with no quick end to the Iraq war in sight, Mr Brown was forced to make a £3 billion provision for the war chest while attempting to deal with the underlying growth problems in the UK economy.
(SP)
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