25th Mar 10
Tories accuse Darling of implementing new stealth tax
by Harry Oldfield
Alistair Darling is facing heavy criticism today and claims from the Tories over a ‘stealth’ tax increase that will hit 30 million workers. The chancellor has forged the battle lines ahead of the looming general election by unveiling new funds to assist first-time homebuyers, the elderly and unemployed.
In his final parliamentary centrepiece prior to the nation going to the polls, he said that he was determined that those who did well during good times pay their fair share of tax. However, the Tories responded by claiming that tens of millions of workers would be hit by an ‘stealth’ tax increase, with a freeze on personal allowances.
Shadow chancellor George Osborne criticised the freeze by saying that the tax was a cynical trick by the government. The highlight of Mr Darling’s budget was a two year stamp duty holiday for first-time home buyers on property valued to a maximum of £250,000. Property over £1 million must be paid for by a new permanent 5 per cent rate.
Lower than anticipated unemployment figures indicate that he could extend the guarantee of job and training placement for young people over the next 12 months. The inheritance tax threshold will also be frozen at £350,000 for four years in order to assist those in aged care.
Osbourne went on to reassure the markets of his commitment to fighting the country’s record deficit.
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