Britain's Chancellor George Osborne is expected to unveil the toughest set of tax increases and spending cuts in a generation when he delivers his emergency budget to parliament later today.
Among the main measures, the chancellor is expected to raise the personal income tax allowance by GBP 1,000 to GBP 7,475, exempting around 900,000 low-earners from paying income tax. Taxes paid by high-earners are expected to be raised.
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