The pre budget report of British Chancellor Alistair Darling is still not getting good notices. There has been a lot of comment on the future increase in national insurance contributions, which is a tax on work. It also does not help improving employment levels.
www.searchaccountant.co.uk
There was also concern at the rise in government borrowings. I suppose we could fall in a debt trap although the general assumption must be that a big dose of inflation will sort it out. This might fall foul of bond vigilantes, foreign investors will not buy our gilts (government bonds) because of the sterling depreciation.
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