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from The Great Debate UK:

Osborne to show no sympathy for middle or high earners


-Nick Earl is partner at chartered financial planners Wardour Partners LLP. The opinions expressed are his own. Join Reuters for a live discussion with guests as UK Chancellor George Osborne makesΒ  an emergency budget statement at 12:30 p.m. British time on Tuesday, June 22, 2010.-

On Tuesday we will hear the first budget from new Chancellor George Osborne.

From the snippets of information we have heard from the Lib-Con coalition camp, I do not anticipate this budget will show much sympathy for middle or high earners.

It is unlikely that the government will revise the higher rate tax-relief rules for those earning in excess of 150,000 pounds per annum.

A more possible outcome is that higher rate relief could be withdrawn altogether and should this happen it will be those who earn between approximately 40,000 pounds and 130,000 pounds who suffer the impact the most.