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Government to raise £4 billion/year via pension tax change | Reuters

(Reuters) - The government said on Thursday it would cut the tax relief on pension savings for around 100,000 higher earners, in a move designed to raise 4 billion pounds a year and help reduce a record budget deficit.

The move follows the scrapping of child benefits for higher earners last week and may provide political cover for the coalition government to say its cuts are fair when Chancellor George Osborne presents his spending review on Oct 20.

The government also said on Thursday that it would abolish, merge or reform 481 semi-independent agencies, proposals likely to cost thousands of jobs.

This follows reports on tackling government waste and charging higher university fees this week, all of which help set the scene for the government to cut most departmental budgets by a quarter or more.

by In Wales (inwales aaat eurotrib.com) on Thu Oct 14th, 2010 at 11:57:29 AM EST
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