A group of economists have criticised the high 50p tax rate in the UK, claiming it is damaging the economy. Chancellor George Osborne has also revealed that the recovery is not as fast as was hoped.
Labour introduced the tax for high-earners which takes 50% of salaries which are £150,000 each year or more.
However, this will anger many - such as trade unions - who will feel that the rich are not paying their fair share to help boost the country's growth.
The Inland Revenue will investigate to work out what is the most effective way of raising tax revenue.
http://thenewsportal.net/?p=1172361
Source:
http://www.bbc.co.uk/news/business-14810323
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