Budget 2009: “Building Britain’s future”
In the midst of what the Treasury describes as the “worst global finanical crisis for generations”, Alistair Darling delivered his credit crunch Budget on 22 April 2009. As the Budget focuses on support for individuals and businesses during the current downturn and looks towards a “strong and sustainable recovery” for the economy, the number of pensions specific measures is fairly limited. However, from 2011, the country’s highest earners will face a double tax hit – a new higher rate of income tax, coupled with a reduction in the rate of tax relief on their pension contributions.