Martin Sorrell backs proposed wealth tax
Friday 31 August 2012
The Government "shot itself in the foot" by reducing the top rate of income tax, according to millionaire Sir Martin Sorrell, who said he would back Nick Clegg's proposed wealth tax.
Saying that he "wouldn't be against" the Deputy Prime Minister's levy on high-earners, Mr Sorrell, chief executive of WPP, added "the Government's troubles started with the Budget" when it made the cut from 50 to 45 per cent. "From an entrepreneurial view it didn't make sense," he said. "If you want to improve entrepreneurial activity, reduce the rate of capital-gains tax. Don't mess about with income tax."
Mr Sorrell saw almost 60 per cent of WPP shareholders revolt against a pay deal in June that would have awarded him a 60 per cent pay increase to £6.8m.
- 1 Cyclist in Russia narrowly misses being hit by car and lorry
- 2 Y-40 Deep Joy: The world's deepest swimming pool
- 3 'F*ck it, I quit': KTVA reporter Charlo Greene quits live on air in spectacular fashion
- 4 Syria air strikes: President Obama undergoes Damascene conversion as Isis forces America to change tack
- 5 Pink Floyd new album: Band unveil cover art for first record in 20 years
Rihanna 'nude pictures' claims emerge on 4Chan as hacking scandal continues
Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
Deepika Padukone branded a 'hypocrite' by The Times Of India following anger over 'cleavage show' tweet
'F*ck it, I quit': KTVA reporter Charlo Greene quits live on air in spectacular fashion
Syria air strikes: President Obama undergoes Damascene conversion as Isis forces America to change tack
Scotland could still declare independence – even without referendum, says Alex Salmond
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
Archbishop of Canterbury admits doubts about existence of God
Labour Party conference: Ed Balls to set out plan to freeze child benefit to balance books
£16500 - £20000 Per Annum: Clearwater People Solutions Ltd: We are currently r...
£100 - £125 per day: Randstad Education Crawley: KS2 PPA Teacher currently nee...
£40000 - £45000 per annum + pension, healthcare,25 days: Ashdown Group: An est...
£28000 per annum: Ashdown Group: IT Software Application Support Analyst - Imm...