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    Tom - a reduction in the top rate of tax, alongside other measures would most certainly help growth. We have not yet seen such a drop as the 45p rate will not be implemented until next year and, besides, 45p is still too high and is only slightly less damaging than the 50p rate.

    I have never, at any time, suggested that there is any one single silver bullet that will solve these problems. Domestically it needs a range of supply side measures to help business, some of which I have mentioned here, because it is a simple fact that only businesses can get us out of this mess and governments just get in the way.

    Ultimately though, I do not think the economy is going to go far until the Eurozone breaks up but that should not stop the UK doing what it can to ensure its domestic economy is in as good a shape as possible.

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