A shameless Budget

It’s official: enterprise, hard work, education, success and aspiration are no longer valued in Britain. Yesterday’s Budget, by far the most irresponsible in recent history, marked the final death of the New Labour project, which was meant to reconcile social democratic policies with a competitive economy.

From next year, anybody earning between £100,000 and £112,950 will be hit by a marginal income tax rate of 60 per cent as their personal allowance is wiped away ­ the real rate will hit 61.5 per cent with national insurance. After that, the tax rate will fall back to 40 per cent for a while ­ 41.5 per cent with the new national insurance super-rates. After £150,000 it will jump to 50 per cent ­ or 51.5 per cent including NICs; meanwhile, pension tax relief will gradually halve until earnings hit £180,000 a year, when it will fall to just 20 per cent.

Britain will have the highest top rate tax of any large, Western economy; this disgusting rekindling of the politics of envy will do immense damage to our prosperity and culture, triggering an outflow of capital and talent.