The Chancellor will not make any changes to VAT, Income Tax or national insurance (NI) rates.
In today’s Budget, the Chancellor confirmed his already announced plans to increase Income Tax for high earners and add 1% to NI.
Despite speculation he would increase VAT to 20%, Alistair Darling says he will not make any change to the current 17.5% rate.
The new taxes will largely affect those earning over £100,000, the top 2% on earners.
Darling says tax increases for the wealthy are not “driven by dogma or ideology”.
