'Brown will bankrupt Britain': Taxpayers face rises of '5p in every pound' to plug toxic debt black hole

James Chapman
UK Daily Mail
Monday, Sept 22, 2008

Taxpayers face rises of up to 5p in the pound as Gordon Brown plunges Britain deeper into debt, experts have warned.

Despite a week of financial mayhem, the Prime Minister rejected calls to cut public spending and investment.

He insisted the right tactic to beat the economic downturn was to 'borrow and raise public expenditure' and refused to rule out tax rises.

Chancellor Alistair Darling today also signalled he would borrow billions of pounds during the slowdown, and left an ominous question mark over possible tax rises.

Ahead of his big speech to the Labour party conference this morning, Mr Darling made clear there would be no big tax rises in his autumn pre-Budget report.

Hitting firms and family budgets would risk damaging the economy further, he said, and instead indicated he would borrow freely to keep spending flowing.

But he also served a warning that the spree could not carry on indefinitely and the money would have to be paid back eventually, notably not ruling out tax rises.

Full article here


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