TaxPersonal TaxLabour to make 50% tax rate permanent

Labour to make 50% tax rate permanent

Ed Miliband confirms that the top rate of tax would likely remain at 50% should Labour win the next election

LABOUR IS SET to keep the top rate of income tax at 50% if it wins the next election, according to party leader Ed Miliband.

The rate, originally introduced by former prime minister Gordon Brown as an emergency measure to tackle rising borrowing, is likely to become a permanent fixture under a future labour government.

“When I think about the next election, is our policy going to be to reduce the 50p rate for people on £150,000? I don’t think it is. But obviously, we’ll decide that nearer the time,” said Miliband in the Guardian. “It’s about values and fairness and about the kind of society you believe in and it’s important to me.”

Shadow chancellor Alan Johnson had been pushing for the 50p rate to be reviewed once the economy improves, but Miliband’s statement looks to have slammed the door shut on his campaign.

 

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