Alistair Darling says he will not raise income tax

As the UK government battle with the effects of the credit crunch and the aftermath of last week’s financial turmoil the Chancellor tells voters that he will not raise taxes, as people were already “hard-pressed”. Alistair Darling also dismissed calls from Labours left wing to a new 45 percent tax rate for higher earners. The Chancellor said “This is not the time to be imposing additional burdens.”

The Prime Minister Gordon Brown has said that the government will work towards an “international regulator” allowing them to oversee financial activity, as individual national governments cannot control alone.

Both Gordon Brown and Alistair Darling will be in the US and Europe in talks with finance ministers around the globe, the talks are to put in place measures to help prevent the problems that caused the financial crisis.

Read the full story in the Telegraph