Biggest News aggregator with 200 million news articles | vimarsana.com
plan to scrap the top rate of income tax have welcomed today's u—turn. the employers group the cbi said it allows the government go forward with what it said are good reforms. after the announcement, the cost of borrowing over five years — which determines most mortgage rates — dropped slightly, but it's still much higher than last week. with his analysis of where the move leaves the chancellor's plans, here's our economics correspondent andy verity. the new rate will be 50% and will come in from april next year. eater come in from april next year. ever since the formula _ come in from april next year. ever since the formula chancellor alistair darling brought in, the top rate for top earners has been a political dividing line. in 2013, george osborne cut it from 50p, to 45 p. it is paid by those earning more than £150,000 a year. that is around 660,000 people. scrapping it would have saved them on average, £10,000 a year. this would have saved them on average, £10,000 a year-— £10,000 a year. this was, the smallest measure _ £10,000 a year. this was, the smallest measure from - £10,000 a year. this was, the smallest measure from a - £10,000 a year. this was, the | smallest measure from a fiscal £10,000 a year. this was, the - smallest measure from a fiscal point of view, not a political point of view in the mini budget. it is about