UK Treasury chief announces stimulus measures

LONDON (AP) -- British Treasury chief Alistair Darling has announced a temporary cut in the national sales tax to promote an economic recovery he expects to begin next year.

Darling says the value-added tax would be cut from 17.5 percent to 15 percent for 13 months to put more money in consumers' pockets as a key part of a 20 billion pound ($30 billion) economic stimulus plan.

He predicts that the British economy will shrink by as much as 1.25 percent next year although he expects a recovery to begin in the second half.

As expected, he also proposed Monday that the top tax rate go up from 40 percent to 45 percent in 2011.

(Copyright 2008 by The Associated Press. All Rights Reserved.)


Join the Conversation!

To comment, the following rules must be followed:

  • No Obscenity, Profanity, Vulgarity, Racism or Violent Descriptions
  • No Negative Community Comparisons
  • No Fighting, Name-calling, or Personal Attacks
  • Multiple Accounts are Not Allowed
  • Stay on Story Topic

Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.

Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Links require admin approval before posting.
Questions may be sent to webmaster@wvlt-tv.com. Please provide detailed information.

powered by Disqus

WVLT VOLUNTEER TV

6450 Papermill Drive Knoxville, TN 37919 Phone - (865) 450-8888; Fax - (865) 450-8869
Gray Television, Inc. - Copyright © 2014 WVLT-TV Inc. - Designed by Gray Digital Media - Powered by Clickability 34990084 - local8now.com/a?a=34990084