Wouldn't it have been fairer, more just and better economics to keep the 50% tax rate and bring in additional measures to make sure that people could not avoid paying it so easily, if that's what is happening on a large scale? I thought we had debts to pay off and that the Govt needed the money for this.
There will be many well-off high rate tax payers who have circumstances such that they wont be liable to pay the additional wealth taxes in the budget, who will thus get a large net tax cut. Its a budget that George Osbourne's mates will like and benefit from I'm sure.
More on the budget here and here.