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Top rate of tax should not have been the first _ top rate of tax should not have been the first point of call when it came to tax— the first point of call when it came to tax cuts — the first point of call when it came to tax cuts. overall tax cuts are pretty— to tax cuts. overall tax cuts are pretty great but the first point of call, the — pretty great but the first point of call, the first priority should have been _ call, the first priority should have been personal allowances, the fact that this _ been personal allowances, the fact that this was pushed down to 2023, the basic— th...

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 a...

The announcement the top rate of tax would be scrapped spooked the market and prompted a response from the Bank of England.

Alistair darling brought it in back in 2009, the top rate for top earners has been a political dividing line. in 2013, george osborne cut it from 50p to 45p. it's paid by those earning more than £150,000 a year. that's around 660,000 people. scrapping it would have saved those higher earners on average £10,000 a year. this was the smallest measure from a fiscal point of view, if not a political point of view, in the mini budget. it is about 5% of the tax cuts, so to the extent that what we saw a couple of weeks ago was leading to fiscal unsustainability, it still is. nothing really has chang...

Look5 pleased, or maybe theyjust looked relieved that he managed to deliver it, restating conservative principles, as he sees it. he wants more people to keep more of what they earn. he also wants that dash for growth, and set out pretty well what he said in the mini budget, how they're going to achieve with supply—side reform and tax cuts. he also talked about and lauded the institutions of the bank of england and the office for budget responsibility, and said that these are our great institutions that will underpin the fiscal discipline that i will oversee. he said he would have an ironcla...