This article was last updated on April 16, 2022
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Deputy Prime Minister of UK, Nick Clegg has warned his coalition partners that he is determined to block any attempt made to cut the 50 percent top income tax rate. He is of the view that by reducing the top rate would result in the lost of public confidence on the tax system.
The declaration comes on the eve of the Liberal Democrats’ party conference in Birmingham, where Clegg is likely to face heavy criticism during the five-day event. Despite leading the party to power, the LibDem leader headed over their worst English local election results for 30 years.
Chancellor of the Exchequer, George Osborne has disclosed his intentions to abolish the 50p rate on incomes over £150,000 – describing it as a “temporary” measure introduced by the former Labour government.
Clegg, however, remains defiant by giving his statement that he and any government including LibDems, are interested in lowering the tax burden on the millions of people on lower and middle incomes rather than making the rich people to accumulate more wealth by paying less tax. He further added that it would not be justified to give priority to attribute the tax break to the top income holders over the millions of people who work hard, do their best for their families, and play by the rules. He suggested that removing the 50p rate could undermine the public support for the entire tax system. Clegg advised the government to help in building the economy by taking alternative measures that may make some sense
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