Axe the 50p tax rate? Our Twitter followers respond

Oh to be George Osborne. Today we heard the happy news that thirty of the City’s leading lights had been kind enough to get in touch – how helpful, that in this time of global economic turmoil, a friendly troupe of business leaders knows exactly what’s to be done.

We would encourage an acceleration of the Government’s commitments on two areas of tax policy: increasing the personal allowance and restoring 40 per cent as the top rate of income tax. 

An early removal of the temporary 50 per cent tax rate would attract wealth generators to the UK and support the entrepreneurs we need to help us grow the economy and provide jobs.”

Well. It’s nice to know they’re concerned, but something in their argument didn’t ring quite true with any of us here at nef. We like to be sure though, and earlier today I thought I'd see what our Twitter followers made of it all.

“Didn’t realise it was so simple,” enthused CadenceWorks. “Do they have ideas how to fix Italy too?”

Jood88 struck a similarly sympathetic note. “It’s not like the City caused the crash with its, frankly, sociopathic greed. Why should they help pay down the deficit?”

“Would give eye teeth to be in a room with them. Just for 5 mins,” exclaimed MandaBrookman.

Less support was to be found elsewhere, sadly. “A simply staggering illustration of the degree to which they are out of touch with both reality and the popular mood”, growled RobWright126. “Hard pushed to find a more egregious case of self-interested special pleading,” added ShodanAlexM. “Most true entrepreneurs below 50p tax rate.”

“My PRINTABLE thoughts are along the lines of ‘they would say that, wouldn’t they’,” fumed NNCLols. “Naked self-interest disguised as policy”. Meanwhile, PutneyDebates came to a more succinct conclusion: “Neoliberal dogma”.

The fact that the City’s suggestion might not actually make much sense in the current climate was a recurring theme in many of our responses. “What difference would that make?” asked EdenFisher. “Same old BAU pleading, need a new strategy not rehash of old one.”

“These guys are to PR what Bernard Manning is to PC”, noted DavidPenn1.

“Our thoughts?” replied CoaSTProject. “Incredulous laughter.”

Numerous alternatives to the City’s proposals were suggested, many reflecting the sentiments of eddiesenior (“A director of a company creates little wealth. The people who provide the service, or produce, create wealth”).

“Raise the personal allowance to a level where we only have a 50p tax rate #inthistogether” was greg0ry’s idea, though PutneyDebates disagreed. “That’s just another mechanism to create inequality”.

EnglishFoodie followed our example and did some crowdsourcing of his own. “20 restaurant staff asked about 50p tax, best suggestion was add windfall tax on city types, to motivate the working man.”

Perhaps the most practical, if mediaeval, suggestion came from simontyszko, who was obviously feeling the November chill. “Burn the 30 city representatives to keep some pensioners warm perhaps.”