Gov't 'to cut' top tax rate

The government intends to cut income tax for the country's highest earners, and will announce details in next week's annual budget, media reports said on Friday.

Chancellor of the Exchequer George Osborne is likely to use his budget to announce he is reducing the top rate of income tax from 50p to 40p in the pound, the Guardian reported, citing government sources.

Osborne is under pressure from the right wing of the Conservative Party and business leaders to slash the top rate in order to stimulate growth and boost Britain's economic recovery.

However, opponents of the government are likely to say the decision bolsters the Conservative's reputation as defenders of the rich.

"The budget has to strike a balance," the government source told the paper. "It has to show we are all in this together, but it also has to show that as a country we are open for business.

"We want a top rate that does not put off entrepreneurs or businesses. It is one of the highest top rates worldwide at a time when we need real growth."

The source stressed that the move had not yet been authorised, but was close to being signed off.

The Conservative-Liberal Democrat coalition government is currently thrashing out the details of the budget, which is due on March 21.

Source: http://news.yahoo.com/govt-cut-top-tax-rate-060746981.html

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