Higher tax rate to hit 750,000 more people-papers

About 750,000 people will start paying the higher 40% income tax rate on their earnings from 5 April, says the Institute for Fiscal Studies (IFS). The threshold at which the higher rate kicks in is to be £35,001, down from £37,400 this financial year, writes the BBC. Chancellor George Osborne told the BBC he had to make hard economic decisions. Speaking to the Politics Show on Sunday Mr Osborne said no politician liked cutting spending and increasing taxes, but he was trying to clear up the "mess" Labour had left. The IFS estimates the average household will be £200 a year worse...