Cable: Mansion tax should replace 50p rate

The remarks from Vince Cable, the Business, Innovation and Skills secretary, will dismay the Tory right which is putting increasing pressure on the Coalition to scrap the 50p tax rate, the Telegraph reports. Earlier this week, Cable insisted the tax-free threshold for lower earners should be lifted above £10,000 before the Government considers abolishing the rate. This would mean that any changes would not happen until after 2015, when the tax-free threshold is due to have risen from the current level of £7,450 to £10,000. However, yesterday he suggested that the Liberal Democrats ...