George Osbourne, the U.K.'s Chancellor of the Exchequer, announced in the annual budget this week (begs19Mar12) that he will be cutting the 50 per cent top tax rate for people earning more than $240,000 (£150,000) to 45 per cent from next year (13), prompting an outcry from many Brits.

But Cowell, who is worth an estimated $320 million (£200 million), has applauded Osbourne's move as he's convinced it will ultimately help to boost business in the country.

He tells Britain's The People newspaper, ""I'm proud of being British and don't have a problem paying taxes. If you want some of the big entrepreneurs to stay in the country then you have to lower the tax rate a bit. Otherwise you will find them going out of the U.K. and working elsewhere.""