The UK population is divided when it comes to deciding whether or not income tax should be raised or...
The UK population is divided when it comes to deciding whether or not income tax should be raised or cut in Wednesday's Budget, says research published by the MarketPlace.
A survey conducted by the NOP for Bradford & Bingley's the MarketPlace says 46% of the population would rather see income taxes raised to pay for essential services such as the NHS and education whereas 49% would prefer tax cuts.
Only three questions were asked of the 1000 respondents. Participants were asked whether they would prefer to:
1.Lower income taxes by increasing the amount of money you can earn before you pay income tax leaving the 22p tax rate alone;
2.Lower income taxes by lowering the 22p rate of income tax to 21p and leaving the amount you can currently earn tax free alone;
3.Raise income taxes and spend the extra money on essential services like the NHS or education.
Of the 49% people who say they would prefer a tax cut in the Budget, just 15.5% looking for a reduction in the 22p rate to 21p whereas 33.5% voted for an increase in the tax-free threshold.
Around 53% of the 55+ age group were most interested in raising tax rates to pay for increased spending in the NHS, while only 39% of the 16-24 year olds preferred the tax-raising option.
What made financial headlines over the weekend?
'Managed separation update'
The chairman discusses his surprise holiday job
Three months on