It had to be done. I tough budget was delivered this afternoon in the UK by new Chancellor George Osbourne. A full report will be available tomorow but the headlines are:
1.Public sector pay - Has been frozen for 2 years.
2.VAT will be increased from 17.5% to 20% from 4 January 2011.
3.Capital Gains Tax will be increased from 18% to 28% from midnight tonight for higher rate tax payers
4.Benefits - Most of the benefits payable to unemployed people wil be frozen
5.Corporation tax will be reduced from 28% to 24% by 2014.
6.There were no significant increases in the 'normal taxes' on drink,petrol etc