George Osborne 'determined to cut 50p tax rate'

George Osborne plans to scrap the 50p tax rate in next week’s Budget, according to reports. The controversial high-earner tax applies to those earning more than £150,000 per year and has been viewed as unfair in many fields. Sources say the Conservatives are concerned about measures seen to favour the rich, however. The Budget will be unveiled on April 6 but reported in-fighting between Conservatives and Lib Dems over its contents are threatening to undermine Britain’s Coalition government. David Cameron, Nick Clegg, the Chancellor and his Lib Dem deputy, Danny Alexander, failed to settle the row last week over how to deal with high-earners in the Budget. They are meeting today to discuss alternatives, such as a ‘tycoon tax’ or property taxes. Labour have said their opponents are clearly divided and called the Budget preparations "a shambles". Ed Miliband’s party have also dismissed plans to scrap the 50p tax rate as "completely out of touch". Simon Hughes said individual tax rates were not a "central aspect" of the Lib Dems' Budget plans. "We didn't say hanging on to 50p tax rates or having a top tax rate at anything else, we made it very clear that the wealthy have to pay more," he told BBC Radio 4's World at One programme.

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