The vibrancy of our creativity and entrepreneurialism in building the strength of our small and medium sized enterprises is essential to our economic vitality. It must be encouraged by incentives for investment and a supportive capital gains tax regime.
These measures have brought success for us, even against a backcloth of income tax rates of 50 per cent, and sometimes even more. And they will continue to do so. An increase in our top rate of tax from 45 per cent to 50 per cent would, of itself, neither be anti-business nor will it damage our economic recovery.
There will be big political arguments about this proposal, but perhaps it would help to create a greater cohesiveness in our society.
The letter can be found published by the Telegraph here.