Osborne denies plan to cut top rate of income tax

Cutting the top rate of income tax is not “one of our priorities”, George Osborne said as he repeatedly ducked Labour calls for him to rule out further help for top earners if the Tories win the general election.

The chancellor said the party’s “big tax commitments” for the next parliament were further raising the tax-free personal allowance and raising thresholds so the higher 40% tax rate would apply to salaries of £50,000 (€68,000) or more.

Labour has pledged to restore the 50% rate on £150,000-plus salaries, claiming those earning seven-figure sums have benefited by at least £85,000 over the two years since it was cut to 45% and warn Mr Osborne could push it lower still.