Economist 50p tax scrap call

Twenty leading economists have called for the 50p tax rate to be scrapped in a letter to the Financial Times.

They say that it is causing "lasting damage" to the UK economy.

Chancellor George Osborne said that the 50p tax rate on earnings over £150,000 – which was first introduced by Labour - is only a temporary measure.

However the 20 economists say that the rate makes the UK uncompetitive and risks driving away foreign investment and talented workers.

Ed Balls: Tax cut for the richest is not the answer

TUC: Dropping 50p tax rate would be "monstrously unfair"

Treasury spokesman: Those with broadest shoulders should bear burden via 50p tax

Alistair Darling: Removing 50p tax rate 'grossly unfair'

Economists: 50p tax rate is doing lasting damage to UK economy