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 admis...

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

FCA's Rathi addresses Autumn Budget market abuse concerns

FCA's Rathi addresses Autumn Budget market abuse concerns

Pens open letter to Treasury Committee

Isabel Baxter
clock 04 December 2025 • 2 min read
More tax, less shelter: A slow-burn Budget for savers and investors

More tax, less shelter: A slow-burn Budget for savers and investors

'The Budget documents make for sobering reading for those trying to build up their wealth'

Laith Khalaf
clock 04 December 2025 • 3 min read
OBR 'deeply regrets' early release of Budget document

OBR 'deeply regrets' early release of Budget document

Mistaken release of Budget documents forced Richard Hughes' resignation

Linus Uhlig
clock 02 December 2025 • 3 min read