Calls to Axe the 50% Top Rate Tax

A number of conservative peers and businessmen are calling for the 50p top rate of income to be dropped. It is argued that the top rate of tax is not contributing much and could be doing more damage than good if it drives high earners to move out of the UK. The 50p rate of tax applies to individuals earning more than £150,000 per year.

Critics will argue that it is simply does not make sense to reduce the top rate of tax whilst everybody else is suffering under the current economic climate with rising prices and unemployment in the UK.

Current reports in the media indicate that George Osborne has no plans to drop the tax in the near term but appears willing to review this policy "when the time is right to do so". The tax collected from this new regime will not be known until January and so the debate is likely to resume early next year.

Appeal to Keep Chalk Farm Library Open

Campaigners have launched a £1 million appeal to keep open Chalk Farm Library. A number of London libraries have been put at risk of closure as a result of the latest round of government cuts. A community enterprise is currently fighting the closure and have made an appeal to Camden Council.

Game Unveils Higher than Expected Losses

Both retail and the computer game industries have had a very tough year. Game Group unveiled higher than expected losses of £51.5m following a 10% drop in sales. The Group will be hoping for a strong Christmas in order to restore sales targets. Despite the torrid market conditions, Game have opened a store in the new Westfield at the Olympic Park in Stratford.