Britain holds the power by Claudia Sonea

After the turbulences through which the American stock market went due to the housing slump, in a BBC television interview finance minister Alistair Darling said on Sunday that the UK growth will not be that affected. Indeed the housing issue has spread all over the world and the IMF (International Monetary Fund) will have to lower the expectation for growth. According to him, Britain is in a much better position to face the credit crunch than any other countries and gave as an example the survival of the 1929 crash of the American stock market. However he did not offered any specific dates in regarding his pre-budget report for the next year he has to deliver on Tuesday to the Parliament. For the time been the Treasury predicts a growth of 2.5 to 3 percent for the next year. Northern Rock a victim of the credit crunch is the first bank run for a century and Darling says that despite all this, their economy is still strong and capable to overcome the difficulties. Moreover he added that he will not promise anything that he can't fulfill, referring to the inheritance tax that the Conservatives wants to change so no one can bequeath less than one million from takes. Alistair accuses the Conservatives of extravagant promises that can't be fulfilled like the increase of inheritance tax threshold and exempt most first-time home buyers from property tax. That brought them a boost in the opinion polls and making Prime Minister Brown to rethink his decision of elections next month. To counter-attack this move, Darling invests a lot in health service and a cut in home tax purchases and inherited wealth. Furthermore, an unpopular loophole that allowed equity bosses to pay lower taxes will be closed down. Is everything politic propaganda, or is it true? Stay connected and find out.

related story: http://uk.news.yahoo.com/rtrs/20071007/tpl-uk-britain-budget-c31991c_2.html

by Claudia Sonea for PocketNews (http://pocketnews.tv)

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