Ed Balls: Top-Rate Tax Cut a 'Gamble'

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March 22 (Bloomberg) -- Chancellor of the Exchequer George Osborne gave to the rich by lowering Britain’s 50 percent top income-tax rate, provoking a backlash as he accompanied to move with a 1 billion-pound ($1.6 billion) raid on pensioners. Osborne staged a balancing act in yesterday’s annual budget to appease members of his Conservative Party who wanted the top tax rate scrapped to spur enterprise and their Liberal Democrat coalition partners who were demanding help for low and middle- income families. A decision to fund the decisions by squeezing more money from pensioners threatened to erupt into a political storm. The opposition Labour Party questioned Osborne’s calculations, saying the rich would benefit most. (Source: Bloomberg)


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