Is George Osborne planning to cut the top rate of tax to 40p?

Former Chancellor Nigel Lawson urges tax cut to boost business

George Osborne is said to be considering cutting the top rate of income tax from 45p to 40p per pound in July’s budget.

According to the Financial Times, former Chancellor Lord Lawson said he would support the move, which would echo his own fiscal policy under Margaret Thatcher.

Speaking to the FT, Lawson said:  “I would strongly support this: It would significantly enhance the attractiveness of the UK as a place to do business, at no cost in terms of lost revenue.

“That was the experience when I brought the top rate down to 40 per cent in 1988 and it is even more relevant today.”

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