U.K. Top Rate Tax Cut 'Won't Happen,' Clegg Tells Independent - Bloomberg

U.K. Deputy Prime Minister Nick Clegg will block any attempt by Chancellor of the Exchequer George Osborne to cut the 50 percent top income tax rate, the Independent reported.

Clegg said in an interview with the newspaper that reducing the top rate would destroy public confidence in the tax system.

"It is not going to happen," he said. "Certainly not until there is significant progress on giving tax breaks to those on lower and middle incomes."

To contact the reporter on this story: Kit Chellel in London at cchellel@bloomberg.net

To contact the editor responsible for this story: Dick Schumacher at dschumacher@bloomberg.net