[heero_yuy]

Originally Posted by Mr K

we're not alking about the 1970's.... The tax rate was recently cut from 50 to 45p for high earners - doubt it made diddly squat difference to them, maybe an extra few cases of champagne this xmas, or a pony for Penelope...
It would have have meant more to those lower down the can scale, or even perish the thought, invested in the riff raff's NHS....

Broadly revenue neutral:

Head of the IFS, Paul Johnson, told the BBC Daily Politics earlier this week that

“The best estimate is that it looks like by cutting the top rate from 50p to 45p, it might have cost you a very small amount, probably… it’s not bringing in lots of additional revenue but it’s probably not costing much either.”

Link

There was a temporary dividend to the treasury of £8bn as higher rate earners moved their income declaration into the lower rate year.

Putting it back up wouldn't make loads of money available either as with many taxes there is an optimum rate that maximises revenue. Too high a rate is a self inflicted wound to a countries finances, just ask the French who are now desperate to bring down their swinging top rates as all their high earners come over to London.