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WORLD BRIEFING / BRITAIN

$30-billion plan aims at economy

November 25, 2008|Times Wire Reports

Britain will spend billions in borrowed money to fund tax cuts and spending in hopes of boosting the economy.

Finance Minister Alistair Darling told Parliament that he would cut the sales tax and extend help to small businesses, low earners and households in a package worth about $30 billion.

But he said tax cuts now would mean future increases, including a hike in income tax for high earners, and a surprise increase in payroll tax on employers and workers for all but the lowest earners.

Britain's opposition Conservative Party called the plan a "borrowing binge."

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