The mayor of London, Boris Johnson, has urged the chancellor to replace the minimum wage with the living wage and to cut the top tax rate.
George Osborne indicated over the weekend that lowering the top rate of tax was not a priority. He also said he had found £12bn in welfare spending, including reducing the benefits cap in London to £23,000 from £26,000. Outside London the cap is expected to fall to £20,000.
Among other measures set to be introduced, a family home allowance would see those leaving assets – including a home – valued at up to £500,000 exempted from inheritance tax. Additionally, certain housing association and local council tenants would have to pay market rates for rents.
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Click here for the full FT article (£)
The Daily Telegraph, p. 1, 4
The Guardian, p. 6
The Independent, p. 8, 9
