//
The figure will total £178 billion rather than the £175 billion that had previously been thought, he said when issuing the Pre-Budget Report in the House of Commons yesterday (December 9th).
Expenditure over the course of 2010-11 will also be higher, he remarked, as a series of measures were issued that are aimed at reducing the fiscal deficit of the UK.
These include a 0.5 per cent increase in National Insurance from April 2011 - which could apply to those trading on the stock market - as well as a 50 per cent tax on all bank bonuses that are over £25,000.
Commenting on the announcement, senior tax partner at business advisory firm BDO Stephen Herring stated that this gap in public spending will "inevitably lead to uncomfortable tax increases for individuals and consumers" in the 12 months to come.
Posted by Clive Arneil
