Alistair Downing prepares to deliver the 2009 Budget to the UK on 22nd April. With a huge amount of money needed for the proposed spending, this is certainly a Budget to fear.
Predictions are beginning to happen with most expecting the worst affected to be middle earners. Cuts in tax relief on pensions for high earners and an increase in contributions for public sector workers on pensions seems likely.
The major changes that are also possible are an increase in VAT and an increase of National Insurance contributions. Both of these are easy ways for the Exchequer to earn a huge amount of extra cash.
Obviously these are just speculations but are all very possible. In this time of economic crisis, I don’t think that we can expect to gain anything from this Budget except a larger hole in our already empty pockets!