Britain’s Labour government on Wednesday unveiled plans to increase taxes on the rich and curb public spending as UK chancellor Alistair Darling confirmed a huge increase in borrowing to restore the public finances. The move to raise the top rate of income tax from 40% to 50% next year for those earning more than £150,000 is a big blow to the UK’s keenly guarded image as a lower-tax economy that can attract the best foreign workers, particularly to its City financial hub.

This entry was posted by Gwen Robinson on Thursday, April 23rd, 2009 at 4:59 and is filed under Capital markets. Edit this entry.