Osbourne Unveils “Tough But Fair” UK Budget

Highlights of the new UK budget unveiled yesterday by Chancellor George Osborne, include an increase in the Value Added Tax (VAT) from 17.5 percent to 20 percent. There will also be increased taxes on alcohol, tobacco, and fuel. Government spending cuts include reductions in family tax credits, housing benefits, and public servant pay will be frozen for at least three years.

Source: BBC News

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