Budget2011: 50% tax rate ‘temporary’

GEORGE OSBORNE has revealed he considers the 50% tax rate for high earners necessary but temporary.

Saying “we are all in this together”, he said the time is not right to cut the levy, but revealed HMRC will examine how much extra money it is bringing in.

He said high personal tax can be damaging, crushing enterprises and aspirations, as well as undermining tax revenues.

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