According to UK chancellor, the budget of 2012 will be focused on hose at the bottom of the earnings ladder, hinting he could go further in lifting more people out of paying income tax. On Sunday Osborne stated that the euro zone crisis and high oil prices posed a threat to the global economy. He further stated on BBC that he wants to see real and substantial progress on lifting low income people out of tax.

Under pressure Osborne to revive a stagnant economy with rising unemployment and a squeeze on household incomes, was expected to present a neutral budget on Wednesday, sticking to a tough austerity plan which critics say has stalled Britain’s recovery from the global financial crisis. UK Government officials have indicated economic forecasts for growth and government borrowing which underpin the budget will remain broadly in line with Osborne’s so-called autumn statement in November, when the growth outlook was revised sharply lower.

Any effort to accelerate progress in raising the income tax threshold towards or above a 10,000 pound ($16,000) goal agreed between Conservatives and Liberal Democrats in the coalition government could allow Osborne to remove a 50 percent income tax rate on high earners.

An area often cited by governments for savings but treated with skepticism by economists, Osborne, singling out a tax paid on house purchases, said he would launch a crackdown on tax avoidance. With three years still to go before the next election, Osborne’s team has calculated they do not need to panic yet or abandon their austerity plan. George Osborne stated the European Central Bank is putting a lot of money into the euro zone does not mean some of the fundamental problems have been resolved and that remains a major risk to the UK and the rest of the world. Apply withDoorstep loans and get needed cash in no time.

Osborne’s strategy, headwinds remain – such as high oil prices and problems in the euro zone – threatening Britain’s economy .Hoping to give the economy a further nudge in the right direction, he government will extend store trading hours on Sundays during the 2012 Olympics in an effort to capitalize on a larger than usual influx of tourists over the summer. As per Ed Balls, the opposition Labor’s finance spokesman the government should act immediately to soften its austerity stance to boost growth.

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