Tory Lords urge Osborne to act on 40p tax rate

Lord Lamont said the Conservative Party would not be the "tax-cutting party" unless changes were made, the BBC reports. Lord Lamont, the ex-Chancellor who introduced the 40p tax, said "far too many" people were paying 40% tax. The report said while the coalition government had raised the threshold at which people start paying tax to £10,000 the threshold for higher rate taxpayers had not moved with inflation - meaning more people have to fork out 40%. Higher-rate tax currently applies to anyone earning £42,150 or more. Many Tories say tackling this should take priority over a fur...