Osborne puts the 50p top rate for high earners under review

GEORGE Osborne yesterday confirmed that the 50p tax rate on high earners will stay in place for the time being, but reassured that it won’t exist for much longer.

The chancellor said that he would consult HMRC to look at whether the high earner income tax was financially viable, or whether scrapping it would tempt more business to Britain.

The 50 per cent tax rate for those earning over £150,000 has been in place since April 2010.

“The 50p tax rate would do lasting damage to our economy if it were to become permanent. That is why I regard it as a temporary measure. Now wouldn’t be the right time to remove it, when we’re asking others on much lower incomes to make sacrifices. But it’s sensible to see how much revenue it actually raises,” said Osborne.