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BoE fears King’s politics; Call to cut 50% HNW tax rate

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Members of the Bank of England court revealed yesterday they are “uncomfortable” with governor Mervyn King’s involvement in politics. Giving evidence to the Treasury Select Committee (TSC) Sir Roger Carr, BoE court member, said politicians must not draw on King when they speak in Parliament, making it seem he is giving political support, the Telegraph reported.

King’s own public comments made over the past few weeks, in which he criticised the banking industry and warned of a drastic fall in living standards, were also a cause for concern, he said.

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Osborne must cut 50% tax, say directors

The chancellor must promise to abolish the 50% tax rate on high earners in the 2011 Budget, the Institute of Directors (IoD) said.

The IoD says though the UK cannot afford to cut the tax this year, Osborne must clearly state in this budget that the 50p tax rate on earnings over £150,000 will be gone by 2015.

Miles Templeman, director general of the IoD, says there is a “damaging perception” that the UK is becoming a high-tax economy and highly-skilled individuals will be deterred from working here, the Telegraph reports.

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Fed holds interest rate at 0.25%

The Federal Reserve has confirmed it will hold its main interest rate at the range of 0-0.25% and will continue with its $600bn quantitative easing programme.

The programme is scheduled to finish in June, the Financial Times reports.

Fed officials say the US economic recovery is now on a “firmer footing” thanks to improved employment figures.

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