Chancellor George Osborne has said that the Conservative Party has no plans to lower the top taxation rate should they win the next election. The Labour Party accused him, however, of refusing to rule such a move out.
Labour called on the government to promise that it will not cut the highest rate of taxation, which is currently 45 per cent for those who earn more than £150,000 per year. The Coalition government reduced the top rate from 50 per cent to 45 per cent in 2013.
Ed Balls, the shadow chancellor for the Labour party, criticised Osborne’s refusal to say categorically that he will not cut the top rate.
George Osborne was speaking to Sky News when he said that it is not ‘our plan’ to introduce a five per cent cut to the highest taxation rate. When asked if he was prepared to rule out such a cut explicitly, he replied that the Conservative Party planned to increase the tax free personal allowance to £12,500, so that people who work full-time for the minimum wage will not have to pay tax. He also said that his party intends to increase the amount people must earn before they pay the higher tax rate of 40 per cent, to £50,000. It is currently at £42,400.
David Cameron said that a cut to the top rate is not part of their policy or plan. The Labour Party has made a commitment to re-introduce the 50 per cent top taxation rate, should it win the next election, for people earning more than £150,000. It has also pledged to cut and then freeze taxation rates for small businesses.
Both the Liberal Democrats and Labour have promised to introduce a mansion tax on homes with a value of more than £2 million.
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