LONDON, March 22 (UPI) -- The highest British tax rate would be cut from 50 percent to 45 percent while some old-age allowances would be frozen in the budget introduced Wednesday.
George Osborne, the Conservative chancellor of the exchequer, delivered his budget speech, insisting his plan is a fair one, The Guardian reported. He pointed to higher taxes on sales of the most expensive homes and the closing of some tax loopholes, and said an increase in personal deductions means 1 million more people will pay no income tax.