City leaders want 50p tax band axed

Axing the 50p tax should be among the "immediate actions" George Osborne takes to shore up Britain's economy against the fallout from the eurozone crisis, leading City figures have urged.

The Chancellor should "accelerate" plans to scrap the top rate of income tax to help attract entrepreneurs to the UK and increase the tax-free personal allowance by £1,000 more than planned next year, the group urged.