The Shadow Chancellor of Exchequer has proclaimed that the Tory Government would remove the 50% tax rate for the leading earners by 2012. He explained that the Conservatives are of the view that these taxes are of less avail to those who earn more than £150,000.

"I am not in favour of ever-higher tax rates - they are a disincentive to people who want to get on in life", he said.

But he clarified that the rate cannot be turned down until the public sector's debt payments come to an end. He promised that he will consider the interests of the poor people while deciding upon the budget.

He has also been planning to provide free financial MOTs to the needy families. Under this service the people would receive financial advice for solving problems of domestic budgets, loans and pensions.

The implementation of the plan would come at a cost of £50 million.