How many FTSE 100 chief executives support Labour? How many FTSE 250 chief execs back Ed Miliband? Difficult questions for Chuka Umunna, Labour’s Shadow Business Secretary, in his outing on the BBC’s Sunday Politics today. Labour’s plan to jack up the top rate of income tax to 52 per cent (up from 47 per cent) has sent a fairly clear message about its attitude to business. Digby Jones, an ex-CBI boss who served in Gordon Brown’s government, has summarized Miliband’s position as: ‘if it creates wealth, let’s kick it.’ Stuart Rose, ex-M&S ceo, says the 50p tax borders on ‘predatory taxation.’ The head of the London Stock Exchange says Milband’s 50p tax (or 52p, when you count National Insurance) will deter entrepreneurs.
Chuka Umunna had all of these quotes read out to him on Sunday Politics, but the most interesting part of the exchange came when he was asked if he believed in the concept of tax being so high that it became counter-productive.
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