City bonuses boost tax revenues

City bonuses boost tax revenues

Fat bonuses paid to city workers are helping to boost tax revenues, chancellor Gordon Brown has claimed.

Link: Phone group takes bonus scheme to Lords

In a report on the BBC, Brown is reported as telling a committee of MPs that ‘tax revenues have started to rise because of bonuses in the City’.

Brown also insisted that the government is on target to meet its fiscal rules, which state that he may only borrow to invest over the current economic cycle and that public debt must be kept below 40% of GDP.

Corporate tax are also increasing, Brown claimed.

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