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Cameron Pledges UK Tax Cuts

UK Prime Minister David Cameron has pledged to raise the threshold for the 40 percent rate of income tax to GBP50,000 (USD75,362).

During a speech on education, Cameron said: 'That rate was only ever meant for the better off. But over the years it's dragged more and more people into its reach, police officers, teachers - people on middle incomes.'

He added that raising the threshold to GBP50,000 would ensure that 'more hardworkng people can keep more of the money they earn.' The threshold is currently GBP31,866. Cameron's Chancellor, George Osborne, will deliver the Coalition Government's final pre-election Budget later this month.

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