Higher tax rates, wealth creation and taxes on emissions

The Chancellor of the Exchequer, Mr Darling, has given fair warning that income tax will rise to a rate of 50% for those who earn more than £150,000 a year. I should point out that these high earners will also have to pay about 11% of their income in National insurance – a tax with a different name, so that the highest marginal rate will be 61%. Since the announcement the newspapers have been full with reports from extremely wealthy people complaining about this tax. Continue reading

How Green Was Mr Darling’s 2009 Budget?

On Wednesday Mr Darling presented his budget for the United Kingdom. I have listed to his speech and read the official budget papers about the environment, which are headed “Building a Low Carbon Recovery. I downloaded the document from http://news.bbc.co.uk/1/shared/bsp/hi/pdfs/22_04_09bud09_chapter7_193.pdf but no doubt you can find it elsewhere. The Chancellor claims that this budget will build a economic recovery which is founded upon a low carbon economy. Continue reading

Free money for old cars!

I thought that I should write today about the budget from an environmental perspective, and particularly one of climate change, but the documents need digesting so I shall limit myself to the one “environmental” topic that Mr Darling leaked a day before the budget – free money for old cars.

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