Downing Street has rejected calls from a group of prominent economists to drop the 50p tax rate as soon as possible, although it has continued to insist it is only a temporary measure.
In a letter to the Financial Times published yesterday, 20 high-profile economists argued the abolition of the top band "at the earliest opportunity" would help to create a competitive tax regime and drive economic growth. However, a spokesperson for the Prime Minister said a "meaningful" decision on the matter was unlikely before 2012, the Times reports. "As the chancellor said at the time of the Budget, the 50p rate is a temporary measure," the spokesperson said. "He has asked Revenue and Customs to conduct some analysis on the amount of money being raised by the 50p rate. That a...
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