Budget 2012: George Osborne cuts 50p top tax rate

George Osborne has cut the tax rate for earnings over £150,000, saying in his Budget that it raised "next to nothing".

He is also going to raise the threshold at which people start paying tax to £9,205, leaving millions of working people over £200 better off.

The chancellor said that the Budget "rewards work" but Labour Leader Ed Miliband labelled it a "millionaire's Budget".

The BBC's James Landale reports.

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