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Source: Red Book.

And let us remember, throughout Labour's years in office the top rate of income tax was 40p.

Measures announced by George Osborne today will raise FIVE times as much money from wealthier voters than the 50p tax rate would raise.

A chart in the HMRC report on the effects of 50p suggests that a 45p rate might be optimal for revenue. The Office for Budget Responsibility has endorsed the HMRC conclusions.