TaxPersonal TaxBUDGET 2002: No £5bn tax hike this year

BUDGET 2002: No £5bn tax hike this year

The government will only seek to raise £4bn from this year's Budget - significantly lower than the Budget tax take forecast before the chancellor's speech.

Chancellor Gordon Brown said he would not seek to raise the £5bn to 10bn that had been widely forecast in the Budget.

And he suggested that Budget surpluses would be used to cushion the shortfall that is believed to be needed to improve the National Health Service and other public services.

Brown said the Budget surplus in 2002 would run to £3bn and forecast surpluses of £7bn, £9bn, £7bn and £9bn in the years 2003 to 2006.

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