UK chancellor Alistair Darling on Wednesday outlined the first steps in the drive to cut Britain’s massive budget deficit, raising taxes on middle-income earners, raiding City bonuses and imposing deep cuts across much of Whitehall. Darling said middle income earners would have to pay higher national insurance contributions but emphasised the ringfencing of budgets for health, schools and police, even as he conceded that other spending will face cuts in cash budgets for at least three years from 2011 and real term cuts of over 10% in the period. See more detail in FT.com’s in-depth report.

This entry was posted by Gwen Robinson on Thursday, December 10th, 2009 at 4:59 and is filed under Capital markets, People. Tagged with Alistair Darling. Edit this entry.