Pendle MP, Gordon Prentice, has applauded the Chancellor of the Exchequer for raising the top rate of tax from 40p to 50p for those earning more than £150,000 a year.

Speaking from Westminster, the MP said: "The number of people earning over £150,000 is a tiny fraction of the population but they have benefited over the years from a tax regime which has become less and less progressive. It is time that those with the broadest backs financially carried a heavier burden."

The MP added: "I told the Chancellor on Monday, at the meeting of the Parliamentary Labour Party, that the top rate had to go up and I am glad he followed my advice!"

"Tax rates are way too flat, and have been for years."

"We need to build a tax system that is fair to everyone."