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UK High Earners Face 50% Tax Rate

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Photograph: Clive Gee/PA Wire  Chancellor Alistair Darling admitted Britain was sliding into a recession of a scale not seen since WWII. Economic output will shrink with 3.5 percent this year, which is nearly double the previous forecast.

Economic downturn has called for a thorough revision of income tax rates. The highest tax bracket, which was previously proposed to 45 percent, will now get as high as 50 percent.

Other stimulus measures include car scrappage schemes giving motorists extra £2K when replacing an old vehicle, restriction of pension tax relief, fuel duty increase and many other. Darling remains positive that growth will come in 2010.