Top Tories want more tax cuts for rich while George Osborne plans to hit working credits

Top Tories have been piling pressure on George Osborne to cut tax for Britain’s richest people.
The Chancellor is facing growing calls to axe the 45p rate for top earners trousering more than £150,000 a year.
The Conservatives slashed the levy from 50p during their coalition with the Lib Dems – but MPs and peers want David Cameron and Mr Osborne to use their Commons majority to let the best-paid in society pocket even more.
They pointed to the emergency Budget on July 8 as a chance to cut taxes for the wealthiest.
Chancellor Lord Lamont said: “I am sure George Osborne agrees in principle.
“Whether or not he will do it in this Budget or not, I don’t know. But I certainly think it should be done fairly soon in this parliament.
“I am strongly in favour of it, as is most of the Conservative Party ... I think it’s a good thing to do and I think it will probably increase revenue.”

Critic: Jacob Rees-Mogg says the higher rate is 'socialist envy'

His plea comes after his No 11 predecessor Lord Lawson claimed the cut “would significantly enhance the attractiveness of the UK as a place to do business, at no cost in terms of lost revenue”.
Gordon Brown introduced the 50p top rate of tax in one of his last acts as Prime Minister before being ousted from Downing Street at the May 2010 general election.
The Tories and Lib Dems knocked 5p off the levy, taking effect in April 2013 - the same time as the poorest in the country were hit with a raft of benefit cuts.

Former Conservative Cabinet Minister John Redwood urged the Chancellor to “get on with it” - saying it would generate more cash for Treasury coffers.
“We need the revenue now,” he said.
“We desperately need money off the rich. That is why Gordon Brown held it at 40p practically the whole time Labour were in office because he knew that was the way to get money off the rich.”

PA Wire/Press Association Images

Demand: Shadow Chancellor Chris Leslie says Mr Osborne should come clean about his plans

Tory MP Jacob Rees-Mogg, who is expected to sit on the Treasury Select Committee, told The Times the 45p and 50p rates of tax were the product of “socialist envy” rather than the “prudent operation of government”.
He added: “Higher tax rates, as a matter of symbolism, are pointless. We’ve already seen reducing the rate from 50p helped the revenue increase.”

Shadow Chancellor Chris Leslie last night called on the Chancellor to “come clean” over his tax plans.
He said: “After months of ducking the question, George Osborne is still refusing to rule out a further tax cut for the very highest earners.
“Yet at the same time he is planning to reduce tax credits for millions of working people.
“It is time for the Chancellor to come clean - will he rule out lowering the top rate in the emergency Budget on July 8?”

World New 07:45