Budget 2011: 50 per cent tax will damage economy if made permanent, but what about the damage it is doing now?

23 March 2011

Commenting on today's Budget,

Baroness Jo Valentine, chief executive of London First said:

"The Chancellor was right to acknowledge the lasting damage the 50p tax will do to the economy if it were to become permanent, but what about the damage it is already doing to our international competitiveness. The 50% rate is bad for growth and bad for the Exchequer. The HMRC review – which we welcome - must take account of the many high earners discouraged from coming to the UK by this penal tax."

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