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Twenty leading economists have urged the government to drop the top 50p tax rate, which they say is doing "lasting damage" to the UK economy.

In a letter to the Financial Times, they say it should be axed "at the earliest opportunity" to boost growth.

It comes as Chancellor George Osborne says short-term economic forecasts for the UK have been revised down.

He has said the 50p rate on earnings over £150,000 - introduced by Labour - is only a temporary measure.

The 20 signatories to the FT letter include two former members of the Bank of England's Monetary Policy Committee (MPC), DeAnne Julius and Sushil Wadhwani. It is part of a campaign being promoted through a PR firm.

The 20 economists say around 320,000 taxpayers pay the highest rate of tax, 1% of the total number.
'Mobile people'

They state that the UK has "one of the highest personal tax regimes in the industrialised world, making it less competitive internationally, and making us less attractive as a destination for both foreign investment and talented workers".

Twenty leading economists have urged the government to drop the top 50p tax rate, which they say is doing "lasting damage" to the UK economy.

In a letter to the Financial Times, they say it should be axed "at the earliest opportunity" to boost growth.

It comes as Chancellor George Osborne says short-term economic forecasts for the UK have been revised down.

He has said the 50p rate on earnings over £150,000 - introduced by Labour - is only a temporary measure.

The 20 signatories to the FT letter include two former members of the Bank of England's Monetary Policy Committee (MPC), DeAnne Julius and Sushil Wadhwani. It is part of a campaign being promoted through a PR firm.

The 20 economists say around 320,000 taxpayers pay the highest rate of tax, 1% of the total number.
'Mobile people'

They state that the UK has "one of the highest personal tax regimes in the industrialised world, making it less competitive internationally, and making us less attractive as a destination for both foreign investment and talented workers".