- Those earning above £150,000 to pay 50% income tax
- Boris Johnson warned it could lead to investors leaving Britain
- At same event, Alistair Darling defended the move as "fair"
- Johnson and Darling speaking at Institute of Directors Convention
London mayor Boris Johnson has launched a scathing attack on the government's income tax hike for high earners saying that the measure risks driving investors and entrepreneurs out of Britain.
The 50% rise, which could increase to 60% when other tax allowances are taken into account, will be imposed on those earning above £150,000 a year following an announcement included in Alistair Darling's budget.
But speaking at the Institute of Directors (IoD) Convention in London, Johnson claimed that the move is misguided.
"If you jack up the top rate of tax to 50%, you are not just penalising the bankers; you are penalising some of the most innovative and creative people across a huge range of industries," he said. "London, for instance, has four of the top six international law firms, seven of the top 10 international advertising agencies, seven of the top 10 PR firms and more of the world's top universities than any other capital city."
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