Alistair Darling has said the UK will have to borrow a record £175bn as he admitted the economy faces its worst year since the Second World War.
The chancellor tore up a key New Labour election pledge by unveiling a new 50% tax rate for earnings over £150,000.
He also cut future spending plans in a Budget which added 2% on fuel, 1% on a pint of beer and 7% on cigarettes.
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