Messrs Miliband and Balls performed their pre-autumn statement double act today. If for some inexplicable reason you missed it, the Labour chiefs launched their Q&A with an attack on the government for its decision to cut 50p income tax rate to 45p:
‘The Government is about to give an average of £107,500 each to 8,000 people earning over a million a year. Not £40,000, but £107,500. To 8,000 millionaires. David Cameron and George Osborne are giving them this money. But it’s coming from you.
‘You are paying the price of their failure and them standing up for the wrong people. David Cameron and George Osborne believe the only way to persuade millionaires to make work harder is to give them more money. But they also seem to believe that the only way to make you work harder is to take money away. Cut your tax credits, squeeze your living standards, get rid of some of the services on which you rely, and put up VAT.
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