No doubt about it, George Osborne is being pulled in two directions ahead of the Budget.
There are those, such as the Lib Dems, who would have him reduce taxes for the least well-off. There are those, such as Boris, who would have him reduce taxes for higher earners. As I suggested yesterday, this debate pivots around two particular measures: raising the personal allowance and cutting the 50p
rate.
Rachel Sylvester develops the story in a typically insightful column (£) for the Times today. It quotes an “ally of the Chancellor” to the effect that Osborne is minded more to raise the personal allowance than to cut 50p. “Not many Tories want to reverse the 50p top rate,” says her source, “We are big fans of raising the threshold and would see that as the priority.”
Which is certainly an understandable position.
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