Leading economists call for coalition to ditch 50p rate

In a letter to the Financial Times, the signatories said they are concerned the 50p income tax rate is "doing lasting damage to the UK economy". It comes as Chancellor George Osborne last night said the coalition had revised down its short-term hopes for the economy on recent, weaker-than-expected data in retail spending, construction and output. The economists write in their letter that they welcome the government's decision to continue to promote growth, but they argue while other major economies have successfully returned to pre-recession levels, the UK has not. They argue the 5...