Emergency Budget could lead to Brazilian property investment
Yesterday’s (June 22nd) Emergency Budget announcement by Chancellor George Osbourne could increase the number of people who will look to emigrate.
He said that the tough measures which he has taken were "unavoidable" in order to deal with the UK’s debt, and promised that everyone will be "in it together".
Some of the big announcements included raising VAT from 17.5 per cent to 20 per cent from January next year, while capital gains tax has risen from 18 per cent to 28 per cent for higher rate taxpayers.
Measures such freezing public sector pay for two years if they earn over £21,000 could also persuade people to move to Brazilian property.
Furthermore, the threshold at which employers start to pay national insurance will rise by the rate of inflation plus £21 per week.
Conversely, finance minister for Brazil Guido Mantega said that the picture in South America is much rosier, claiming that his country’s economic growth "is sustainable".
Posted by John Holmes
