Alistair Darling has announced a new top tax rate of 50% for those earning more than £150,000 from next April.
The chancellor unveiled the measure after delivering a stark Budget report on the state of the UK economy.
He said debt would hit a record £175bn this year and the economy shrink 3.5% – its worst performance since 1945.
But he is gambling on a swift recovery and unveiled measures including a £2,000 “car scrappage” scheme aimed at kick starting industry.

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