Boris Johnson: 50p tax rate here to stay (for now)

The 50p top rate of tax is "unlikely" to be axed in the current financial climate, the mayor of London has said.

Boris Johnson said he "didn't see any sign of it going soon", but added the rate may have to end eventually if the City is to compete internationally.

Earlier in January, David Cameron said he still regarded the rate - introduced by Labour in 2010 - as a "temporary" measure.

His remarks followed reports the government had accepted it could not be axed before the 2015 general election.

Asked on Sky News' Murnaghan programme if the rate was "here to stay", Johnson replied: "It certainly looks that way, we have got to be realistic about that. I don't see any sign of it going soon.

"[My job] is to argue that in the long term you can't hope for London, a great international market city, to compete with other capitals if we have tax rates significantly higher than our major competitors, and that's a point that I think it's my duty to make.

"I'd like to take people on low incomes out of tax, I'd like reduce tax across the board."