Wouldn't it be nice (for once) for someone wealthy to say " I earn way too much, let me help those less well off." Hats off to Sir Stuart Rose ( the former Marks & Spencer boss ) who calls for 50p income tax rate to be retained. Unlike the politiians and greedy economists. Nests and feathering come to mind.

Former Conservative chancellor Lord Lawson has added his voice to calls for the top 50p income tax rate to be ditched as soon as possible.

He said the rate was "foolish" and "very dangerous" to the UK's economic competitiveness.

This week 20 prominent economists said the tax on every pound earned over £150,000 should be axed at the earliest opportunity to boost growth.

Critics say cutting the top rate at a time of spending cuts would be unfair.

Ministers say although the 50p rate - which affects about 310,000 people - is temporary, they plan to increase the income tax threshold to £10,000 first.

Lord Lawson, who as Margaret Thatcher's chancellor cut the top tax rate from 60p to 40p in the pound in 1988, told BBC Radio 4's The Week in Westminster the 50p rate had to go.

He said: "The politics are slightly difficult but I think it should be done. It would be extremely beneficial to the economy. I don't think it would cost the exchequer any money at all.