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Tories to keep 50% tax rates

The Tories would not abolish the 50% tax rate on high earners which is due to be brought in next April.

Speaking today to the Conservative Party Conference in Manchester , Shadow Chancellor George Osborne said that although he was not a fan of high taxation and it would be an “aspiration” to cut the rate, it would be “simply unforgivable” if he did so while asking poorer members of society to bare the burden of reducing the country’s huge deficit.

As part of his speech, Osborne said an incoming Tory Government would impose a pay freeze on all public sector workers earning above £18,000 – with the exception of those overseas with the Armed Forces.

This morning the Government had announced its own public sector pay freeze which will affect around one fifth of public servants.

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