Should Britain have a wealth tax?

The Motley Fool
George Osborne
George Osborne

When I look at the scale of the UK's budget deficit, I just can't figure out how the coalition government will ever fill the black hole at the heart of our nation's finances.

A £122 billion hole

While some Brits may believe that the UK's debt is coming down, in fact it is rising by more than £10 billion a month. At present, this is the amount by which government spending exceeds its revenues. The Office for Budget Responsibility forecasts government spending of £711 billion and revenues of £589 billion, producing a £122 billion shortfall for the 2011/12 tax year.