Taxing those with personal wealth 'will limit economic recovery'

Raising taxes on those with high levels of personal wealth will have limit the recovery of the UK economy, one expert has warned.

Michael Porter of Harvard Business School said in an interview with the Financial Times that the 50p tax on those who earn over £150,000 per year is at the ’upper end’ of levies that should be applied.

’If it goes any higher than that - and if that is perceived as being a long-term policy - then I think that’s going to create some real problems in the long run,’ he told the news source.

His comments were made as Gordon Brown told attendees at a London conference of global investors - which Mr Porter also attended - that the emergence from the recession will be largely spurred by enterprise in Britain.

According to the Financial Times, many businesses are looking for a way around the 50p levy, which is due to come into force on April 1st.ADNFCR-2318-ID-19631297-ADNFCR