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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.

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Business leaders criticise Labour's 50p tax plan

Business bosses have criticised Labour's 50p tax rate plan warning that the policy would threaten the recovery and cost jobs.

Shadow Chancellor Ed Balls. Credit: Stefan Rousseau/PA Wire/Press Association Images

In a letter published in the Telegraph, the heads of 24 of Britain’s most successful companies warn that the plan would "have the effect of discouraging business investment in the UK”.

They add that such a move would be a “backward step” that would quickly lead to job losses.

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