In an interview with The Daily Telegraph to-day, reports political editor Andrew Porter, Boris Johnson, Mayor of London, expresses himself shocked by the levels of income tax, saying he never thought he would see the day when other large European countries had lower rates of personal taxation than those in Britain. He fears this high taxation is harming her competitiveness.
In the face of criticism that high taxation is harmful to Britain’s global competitiveness the Prime Minister and the Chancellor of the Exchequer have been vague in assuring critics of their intention to lower it ; Mr. Osborne has refused to cut the 50-per-cent. rate on highest incomes — instituted by the Labour government — despite being urged that, although it acts as a disincentive to the entrepreneurial creators of jobs and economic activity, it generates little extra revenue for the Treasury.
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