"Ten million workers will pay 40% tax within two decades" - Former UK Chancellor

More than ten million workers will be paying higher rate tax within two decades, according to the Office for Budget Responsibility.

"Ten million workers will pay 40% tax within two decades" - Former UK Chancellor 1406164915877_Image_galleryImage_Lord_Lamont_of_Lerwick_No

"Ten million workers will pay 40% tax within two decades" - Former UK Chancellor 1406164915877_Image_galleryImage_Lord_Lamont_of_Lerwick_No

Analysis by the respected UK fiscal watchdog reveals that twice as many people will be dragged over the higher rate threshold by 2033.

Experts believe they are likely to include growing numbers of teachers, senior nurses and other middle-class professionals who, while successful in their careers, would not traditionally be regarded as high earners.

Lord Lamont of Lerwick, the Conservative chancellor under Sir John Major, told the Daily Telegraph last night: ‘For the next parliament, raising the higher rate threshold should be a top objective for a Conservative government.

‘It makes no sense that a rate that Nigel Lawson intended to be for the richest people in the country is now being paid by secretaries and middle management.’

When it was originally introduced by Lord Lawson of Blaby, the 40pc tax band affected one person in 20. It is now an incredible one in six.

In May 2010, the month that the coalition Government was formed, a worker became a higher rate taxpayer when their salary hit £43,875.

http://www.dailymail.co.uk/news/article-2703603/Ten-million-workers-pay-40-tax-two-decades-Former-chancellor-Lord-Lamont-believes-teachers-senior-nurses-pay-higher-rate-2033.html

"Ten million workers will pay 40% tax within two decades" - Former UK Chancellor

"Ten million workers will pay 40% tax within two decades" - Former UK Chancellor

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