Chancellor George Osborne should take swift action to axe the 50p top rate of tax, leading City figures have insisted. The Chancellor should ‘accelerate’ plans to scrap the top rate of income tax to help attract entrepreneurs to the UK, the group said. The £1,000 increase in the tax-free personal allowance planned for next year should also be brought forward, they said. More than 30 business leaders pleaded for action to be taken now. In an open letter to the Chancellor, published in the Daily Telegraph, they also called for a hike in spending on infrastructure projects to help revive Britain’s ailing economy.

‘We await the conclusions of the HM Revenue and Customs evaluation of the sums raised by the 50 per cent rate; however, we are confident that the cost to the....Read more here---> Chancellor 'must fast-track 50p tax rate cut' City bosses warn | This is Money