Osborne defends top rate tax cut

Press Association
50p over dictionary definition of tax
50p over dictionary definition of tax

George Osborne has brushed off criticism of his decision to cut the top rate of tax for the country's highest earners, saying he was not prepared to keep the 50p rate "to make MPs feel good".


Giving evidence to the Commons Treasury Committee, the Chancellor said it had been necessary to reduce the rate to 45p in last week's Budget order to make the tax system competitive.