Leading entrepreneurs warn that tax rise could damage UK economy
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Leading entrepreneurs have warned that the Chancellor's new 50% tax on those earning more than £150,000 could lead to an exodus of talent and a decline in the number of jobs in the UK.
"Higher taxes may be politically attractive in the short term, but I think that this could be a real hindrance to the next wave of UK entrepreneurs and international companies looking to invest," said Sir Richard Branson.
Michelle Mone, the lingerie tycoon, revealed that she was withdrawing her support for Labour and branded the forthcoming top rate a "disgrace" that would damage the economy.
The director of the Confederation of British Industry, Richard Lambert, said that he had already spoken to some businesses that were considering relocating because of the tax increase.
