Rich must pay more, says Lib Dem

The Liberal Democrats are not committed to "hanging on" to the 50p tax, the party's deputy leader has announced.

Simon Hughes said individual tax rates were not a "central aspect" of Wednesday's Budget for Lib Dems as long as the richest end up paying more overall. It comes amid days of intense speculation Chancellor George Osborne will cut the levy to 45p next year and abolish the top rate completely by the time of the next election.