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Lib Dems would stop tax cut

Chief Secretary to the Treasury Danny Alexander said the 45p rate was the "right place to be" and suggested he would veto any Conservative proposal to cut it to 40p.

The cut has been talked about by some by senior Conservatives, including the London Mayor, Boris Johnson.

"Sooner or later there will have to be a new Conservative manifesto and I can't believe we are going to go into an election on a manifesto to keep our tax rates higher than our competitor countries" said Mr Johnson to the BBC, and continued saying that “UK income tax is now higher than the EU average. That never used to be the case and I don't why it should be the case for the long term and I see no reason why we shouldn't bring it down.”

Labour has pledged to raise the top rate - paid on incomes above £150,000 - to 50p if it wins the next election

Shadow chief secretary to the Treasury Chris Leslie said: "Danny Alexander seems to have forgotten that just 10 months ago he cut the top rate of tax for the top 1% of earners. And that was after saying anybody who wanted to do this was living in 'cloud cuckoo land'."

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