Business boss: 50p tax rate would put recovery 'at risk'

The signatories of a letter from business leaders - in which they criticise Labour's 50p tax plan - include Sir Stuart Rose, the chairman of Ocado, Sir Ian Cheshire, the chief executive of the DIY giant Kingfisher, and Neil Clifford, the chief executive of the footwear retailer Kurt Geiger.

This will put at risk all the good work that has been done to put the economy back on track.

– Sir Stuart Rose, the chairman of Ocado

[I am] deflated to see this negative political attack on those trying to support the fragile recovery… This is a complete downer and discouragement for entrepreneurs.

– Richard Caring, the owner of Le Caprice and the Ivy restaurants

It would be suicidal.

Business people aren't against paying tax, just not at such a punitive rate.

– Charlie Mullins, the founder of Pimlico Plumbers

Read: Business leaders criticise Ed Balls' 50p tax plan

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IFS: 50p tax will raise 'little revenue' for UK economy

A leading centre for independent economic research has said the best evidence currently available suggests a 50p tax rate backed by Labourwill raise "little revenue" and make a "marginal contribution" to reducing the budget deficit.