George Osborne's most controversial budget yet included a headline-grabbing cut in the top rate of income tax. The 1% of the population earning more than £150,000 per year will benefit, but the chancellor claims that the richest will have any gains clawed back through the closing of tax-avoidance loopholes.
The announcement also included a cut in corporation tax and plans to slash a further £10bn from the welfare budget. But those on lower and middle incomes (as well as top earners) could benefit from a raising of the tax-free allowance on income up to £9,205.
In the studio to discuss all of this: Guardian columnist Polly Toynbee, economics correspondent Phillip Inman and economics columnist Aditya Chakrabortty.
We also hear from the tax campaigner Richard Murphy, who disputes the evidence the chancellor has offered for abolishing the top tax rate.
Plus: we discuss how Labour should respond to one of the most political budgets in recent years. Should the party - which opposes the abolition of the 50p tax rate - promise in the next election campaign to reinstate it?
Leave your thoughts below.
