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-	The chairman of a meeting of Eurozone finance ministers says fresh conditions will be attached to a 130bn euro ($170bn; �110bn) bailout for Greece.	+	George Osborne is considering cutting the 50p top rate of income tax in next week's Budget, the BBC understands.
-	Jean-Claude Juncker said an extra 325 million euros ($432m; �273m) in savings for 2012 will be needed.	+	Prime Minister David Cameron will discuss the Budget with the chancellor and other senior ministers on Friday.
-	The Greek parliament will also have to pass the package of cuts and reforms on Sunday.	+	There is speculation the tax on earnings over �150,000 could be reduced to a 45p rate or scrapped entirely in return for tax cuts for low earners.
-	And political leaders will have to promise to continue to implement the reforms after elections in April.	+	Labour leader Ed Miliband said it was the "wrong priority" and money should be spent on jobs for young people.
-	"Despite the important progress achieved over the last days, we did not yet have all necessary elements on the table to take decisions today," Mr Juncker, the Luxembourg prime minister, said.	+	The coalition's "quad" of top ministers, Conservatives Mr Cameron and Mr Osborne and Lib Dems Nick Clegg and Danny Alexander are discussing the Budget by telephone on Friday.
		+	Temporary tax
-	"All these measures are important to ensure a smooth implementation of the programme also after the upcoming general elections.	+	All budget decisions will have been made by the end of Friday so that the details can be sent to the Office for Budget Responsibility.
-	"These three elements, those I mentioned, need to be in place before we can take decisions," Mr Juncker added.	+	The government-appointed body will use these tax and spending decisions to make its economic forecasts.
		+	Continue reading the main story
		+	�Start Quote
-	He further welcomed "assurances provided by the Greek government that all the necessary elements will be put in place in the coming days," Reuters reports.	+	For a chancellor sometimes likened to a submarine - George Osborne has never been timid about deploying a torpedo�
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		+	image of Ben Wright Ben Wright Political correspondent, BBC News
		+
		+	Is Osborne planning a 50p tax surprise?
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		+	The 50% income tax rate was introduced by the previous Labour government in 2010, to help pay for declining government revenues during the recession.
		+
		+	Mr Osborne has always said it was a temporary measure and has asked officials to assess how much extra it is raising.

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Revision as of 18:44, 3 November 2012

George Osborne is considering cutting the 50p top rate of income tax in next week's Budget, the BBC understands.

Prime Minister David Cameron will discuss the Budget with the chancellor and other senior ministers on Friday.

There is speculation the tax on earnings over �150,000 could be reduced to a 45p rate or scrapped entirely in return for tax cuts for low earners.

Labour leader Ed Miliband said it was the "wrong priority" and money should be spent on jobs for young people.

The coalition's "quad" of top ministers, Conservatives Mr Cameron and Mr Osborne and Lib Dems Nick Clegg and Danny Alexander are discussing the Budget by telephone on Friday. Temporary tax

All budget decisions will have been made by the end of Friday so that the details can be sent to the Office for Budget Responsibility.

The government-appointed body will use these tax and spending decisions to make its economic forecasts. Continue reading the main story �Start Quote

   For a chancellor sometimes likened to a submarine - George Osborne has never been timid about deploying a torpedo�

image of Ben Wright Ben Wright Political correspondent, BBC News

   Is Osborne planning a 50p tax surprise?

The 50% income tax rate was introduced by the previous Labour government in 2010, to help pay for declining government revenues during the recession.

Mr Osborne has always said it was a temporary measure and has asked officials to assess how much extra it is raising.