Budget 2012: The City's reaction

The Budget proposal that has attracted most attention from across the financial services industry is the planned reduction of the top rate of income tax from 50% to 45% from April 2013 – which could see hedge fund managers looking for ways to delay their earnings by a year

George Osborne, the UK Chancellor of the Exchequer, delivered his 2012 Budget with a swathe of measures to address the country's stuttering economy. Financial News gathers reaction from across the financial sector.

Among other initiatives, Osborne outlined tax cuts for corporations, a slight rise in the UK bank levy, increased lending for SMEs and tougher tax avoidance measures.

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