Budget 2014: Tory Lords call for rise in 40p tax rate threshold

George Osborne should use next week's Budget to reduce the number of middle-income earners paying the 40p tax rate, according to two former Tory Chancellors.

Lord Lamont said the Conservative Party would not be the "tax-cutting party" unless changes were made, the BBC reports. Lamont, the ex-Chancellor who introduced the 40p tax, said "far too many" people were now paying it. The report said while the coalition government had raised the threshold at which people start paying any income tax to £10,000, the threshold for higher rate taxpayers had not moved with inflation - meaning more people have to fork out 40%. Higher-rate tax currently applies to anyone earning £42,150 or more. Many Tories say tackling this should take priority over ...