Taxes will soar in credit crisis

[Sweetpea]

TAXPAYERS in Britain face up to 5p in the pound in extra taxes because of the credit crunch created by the banks, leading economists have warned.
After a week of unprecedented financial turmoil, they predict that government borrowing is about to surge as the Treasury’s tax take is slashed by a slump in earnings from the City and the downturn.
Leading forecasters say the government will soon be forced to borrow as much as £100 billion a year, giving Britain easily the biggest budget deficit of any western country.

Any tax rises would come on top of increases imposed by Gordon Brown when he was chancellor. He repeatedly raised indirect “stealth” taxes while leaving income tax unchanged. Taxes went up by 3% of national income, equivalent to more than 10p on the basic rate of income tax.
The warning coincides with news that American executives of the failed Lehman Brothers bank, parts of which were taken over by Barclays last week, will still receive millions in bonuses.

Barclays has pledged to pay $2.5 billion in bonuses and salaries to Lehman staff in New York, whose collapse brought the world’s financial system to the brink of failure.

Taxes will soar in credit crisis - Times Online



It obscene, no other word for it. However, totally expected.

[Churchill]

I like the simile; I go gambling with someone elses money, i make some big wins but my losses oustrip them because I spent my winnings already. I go down the DSS and tell them I've got no money beacause I've got big gambling debts. Can they please pay these debts for me , and give me some pocket money so that I can carry on like before?

This is what is happening and we all pick up the tab.

Gordon Brown told Andrew Marr this morning that his answer to all of this, is rather than scale back public spending, and cut taxes, he's going to borrow even more money.

Great isn't it?

[Sweetpea]

Gordon Brown has told the BBC he is considering a crackdown on "irresponsible" City bonuses.
The prime minister told BBC One's Andrew Marr show the bonus culture encouraged "excessive" risk-taking. He said it was difficult to regulate as bonuses were part of a global system, but the Financial Services Authority was looking at possible curbs.

BBC NEWS | Politics | I will do better, Brown pledges

[Churchill]

How does this discourage risk taking?

[Sweetpea]

Risk takers err, umm, are risk takers. The more restraints you put on them, the better they enjoy it.

[Churchill]

So, while he was the 'prudent' chancellor and getting the credit for the 'boom' created by risk takers, he's now saying that now he's the less than competent PM he isn't going to allow anyone to make money, let alone keep it?

[poppy]

Originally Posted by Sweetpea

TAXPAYERS in Britain face up to 5p in the pound in extra taxes because of the credit crunch created by the banks, leading economists have warned.
After a week of unprecedented financial turmoil, they predict that government borrowing is about to surge as the Treasury’s tax take is slashed by a slump in earnings from the City and the downturn.
Leading forecasters say the government will soon be forced to borrow as much as £100 billion a year, giving Britain easily the biggest budget deficit of any western country.

Any tax rises would come on top of increases imposed by Gordon Brown when he was chancellor. He repeatedly raised indirect “stealth” taxes while leaving income tax unchanged. Taxes went up by 3% of national income, equivalent to more than 10p on the basic rate of income tax.
The warning coincides with news that American executives of the failed Lehman Brothers bank, parts of which were taken over by Barclays last week, will still receive millions in bonuses.

Barclays

has pledged to pay $2.5 billion in bonuses and salaries to Lehman staff in New York, whose collapse brought the world’s financial system to the brink of failure.

Taxes will soar in credit crisis - Times Online



It obscene, no other word for it. However, totally expected.

And still the heads of banks bonuses are in he millions.
Come he great day brother, will revolution soon be the only answer?