UK bankers are worst off

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Research by PricewaterhouseCoopers shows that a typical married executive with a gross income of £250,000 and a mortgage of £750,000 will now collect 56% of his or her earnings. Those earning more than £150,000 have been hit both by the rise in the top rate of tax from 40% to 50% and by the cut in tax relief on pension contributions from 40% to 20%.

The new 50% top rate on income means Britain now taxes the rich more heavily than Germany, France and America.

Before the Budget, an executive earning £250,000 in Britain kept a net 61.39% of income. In Germany, a top earner keeps 60.5%, in America 59.8% and France 58.4%.

The fact that British residents will only receive 56% of earnings in future compares even more unfavourably with some other countries.

An executive on the same salary in Japan would keep 62.6% of net income, Switzerland 67.5%, Guernsey 80%, Singapore 82.6%, Hong Kong 85%, and the United Arab Emirates 95%.