22 April 2009

Tories: "cannot be our priority" to reverse 50p rate

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***Update***

Philip Hammond, Shadow Chief Secretary to the TreasuryBBC News
Mr Hammond said that his party would not make a priority of reversing the
new higher rate of income tax for high earners proposed today.

"We know from history that high marginal rates of tax are
inefficient that they create all sorts of problems," he said.

"This can't be our priority, we cannot propose to reverse the
50p rate," he added.

"There are much more important priorities"He said the priority for the Conservatives would be the increase in National Insurance contributions which
"will really risk choking off the recovery".

Mr Hammond criticised the Chancellor's proposals not to
introduce curbs on public spending until 2011, arguing that significant
savings could be made earlier.

Source: PoliticsHome

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