How will Labour try to soak the rich?
Brace yourselves. According to today’s Daily Express, Alistair Darling is under pressure to introduce a new 70 percent tax rate for high-earners in next week’s Pre-Budget Report. I repeat: s-e-v-e-n-t-y percent. To be honest, I can’t see the Chancellor doing it. Leaping from 50p to 70p would be regarded as far too incendiary, not to mention fiscally insane, even for this government. But I can still see them introducing a fair handful of soak-the-rich measures, if only to strengthen their reinvigorated attack line against the Tories. In which case, I refer you to Polly Toynbee’s column from a few months ago, in which she recommended that the 50p rate start
