The budget widened tax bands

The housing market The budget widened tax bands, reduced tax credits, cut social welfare payments and happy introduced a property tax and reformed stamp duty regulations aimed at revitalizing the housing market.

The Prime Minister pledged to defend the 12.5% corporate tax rate and kept the top personal income tax rate at 52%. Viewed this way, the measures aimed at increasing the average tax rate while keeping the top marginal rate constant.

The fallout of these actions remains to be seen. The effect of these policies and how the voters feel about the bank bailout will eventually determine the fate of the current government.