50 per cent tax rate here to stay, Mayor warns

The London Mayor Boris Johnson has warned that the 50 per cent tax rate looks likely to remain in place for the foreseeable future.Speaking o Sky News' Murnaghan programme, Mr Johnson said that the high tax rate was “unlikely” to be reduced in the current climate. He added he doesn't see any signs of it disappearing soon.The comments follow statements from prime minister David Cameron suggesting that the 50 per cent tax rate is still regarded by the government as a “temporary measure”.The Mayor added, however, that the economy would not stand for such high taxes in the long-run and that it may result in skilled people looking elsewhere at jobs and development. "All my job is to do is to argue that in the long term you can't hope for London, a great international market city, to compete with other capitals if we have tax rates significantly higher than our major competitors, and that's a point that I think it's my duty to make,” stated Mr Johnson.He also told the programme that he would like tax to be reduced for people on low income as well in a move to cut contributions “across the board”.

http://www.50percenttax.co.uk/index/2012/1/30/50-per-cent-tax-rate-here-to-stay-mayor-warns.html