Alistair Darling's tax raid on middle class - papers

clock

Alistair Darling used Labour's last Budget before the election to carry out a £19bn tax raid on the middle classes to help pay Britain's record debt.

Just weeks before the country is due to go to the polls, the Chancellor warned the well off that they must pay their "fair share", according to The Telegraph. Such is the scale of public debt, which Mr Darling forecast would rise to £1.4 trn in the next five years, he was unable to announce substantial tax breaks or giveaways aimed at attracting voters. Instead, he was forced to reveal a series of measures that would raise money. Read more A Conservative government would keep Labour's taxes targeting the rich, senior Tory sources have confirmed, reports The Telegraph. The adm...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

UK inflation rises to 3.8% in July

UK inflation rises to 3.8% in July

Core CPI also up to 3.8%

Sorin Dojan
clock 20 August 2025 • 2 min read
Bank of England meets expectations and cuts rates to 4%

Bank of England meets expectations and cuts rates to 4%

Lowest level in two and a half years

Isabel Baxter
clock 07 August 2025 • 4 min read
Think tank warns UK fiscal hole could surpass £50bn by 2030

Think tank warns UK fiscal hole could surpass £50bn by 2030

Government not on track to meet ‘stability rule’

Sorin Dojan
clock 06 August 2025 • 1 min read