Vince Cable, the business secretary in interviews with the BBC has conceded that the 50% tax band was only a temporary measure.
Having been an emergency response to the budget deficit the Chancellor has already instigated a Treasury review of the 50% rate of taxation affecting taxpayers with earnings over £150,000. This review may be an indicator that the band may disappear as soon as 2013.
Will it all be good news though? It is unlikely and there are already talks about raising the tax take on property, possibly through a review of council tax or stamp duty.
