The UK presents its 2012 budget

26^th March 2012

On 20th March the Chancellor of the Exchequer George Osborne presented his third austerity budget in a row, typified by a controversial reduction in taxes on the highest revenues, which he has promised to offset with new ideas that target the wealthy. This draft budget notably plans for a reduction on the highest tax bands and simultaneously a raising of the tax threshold on middle to low incomes. At the same time taxes on tobacco and alcohol are due to go up, the wealthiest families (more than £60,000 per year) will lose their rights to any type of family allowance and pensioners will see their tax threshold frozen. The British government has made the consolidation of its pubic finances a priority and is still under the pressure of the credit ratings agencies that are planning to take down the country's precious triple "A" rating.

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