Osborne confirms CGT hike; Public pension commission launched

Chancellor George Osborne warned yesterday tough action to cut the deficit is "unavoidable" to ensure Britain is not on the "road to ruin".

Speaking on the BBC's Andrew Marr programme, he remained tight-lipped on many of his plans to be announced in Tuesday's Budget although he confirmed there would be a rise in CGT on non-business assets. Campaigners against the rise, which could increase to as high as 40-50%, will be hoping there will be a number of exemptions, with high profile figures like Sir Alan Sugar warning it would hurt business. The BBC also understands plans will include Conservative election proposals to ease National Insurance for new businesses. Osborne said the coalition had inherited "a truly awful fin...