Osborne to cut top rate of tax - reports

The Chancellor will cut the top rate of income tax from 50p in the pound to 45p in tomorrow's Budget but the change will not come into effect for a year, a well-placed source told the BBC. The debate around whether or not the Chancellor will cut the top rate of tax has become one of the most controversial talking points ahead of tomorrow's Budget. Osborne recently pledged tomorrow's Budget will be a "Budget for working people".