Cameron bins plan to scrap 50p rate

The Prime Minister and George Osborne fear they will be accused of pandering to the wealthy if they scrap the rate, reports the Telegraph. Business leaders and economists have put pessure on the coalition to abandon the 50p rate in recent months, arguing doing so will stimulate the economy. But a report being prepared for the Chancellor by Her Majesty's Revenue and Customs is expected to show a "surge" in revenues totalling hundreds of millions of pounds from the first year - undermining the economic case for scrapping the levy. Last year, more than 30 business leaders wrote to the...