That's good news. Hardly anyone wanted it. It doesn't produce the growth effects it pretends to. Rich people find ways to pay low rates already: I call it the Romney rule, for the lack of a famous UK equivalent.
The American model of extreme inequality is not something most British people wish for. Nor equality either. Just that those who have a surplus of income and aren't struggling, contribute more, particularly when times are tough.
Prediction - folks will be okay with the rest of the tax cut package and energy subsidies, and will swallow some cuts to services. I assume the markets will also absorb the lesser scale of debt in a much less crazy plan.
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