Miliband rejects letter from business bosses against 50p tax

Ed Miliband has dismissed the letter signed by 24 UK business leaders criticising Labour's 50p tax plan, which suggests the tax hike will threaten the recovery.

The leader of the Labour party claimed the 50p tax rate did not stop businesses investing when the higher rate was previously in place for three years (from 2010, when the Labour party created the 50% tax band for anyone earning £150,000 and above).

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Ed Mili rubbishes letter from 24 business leaders: 50p was in place for 3 years, I dont believe it was stopping businesses investing

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EdMili goes on: I don't believe 50p rate acted as a dissincentive & business wants deficit to come down - revenue gotta come from somewhere

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Asked about claims from business leaders that #50ptax rate will jeopardise the recovery Ed Mili says: "Of course some people won't like it"

Read: Cameron: Labour would drive UK economy 'into a wall'

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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.