Labour would re-introduce the 50p tax rate

[barrydidit]

Oh dear. Probably not the endorsement Ed was looking for from one of his former colleagues..

Economics behind Labour's plan to bring back 50p top rate of income tax would not even get “a pass at GCSE”, says the party’s own former City minister

[GB9]

Osborne will be able to show that this year alone when 45p kicked in a lot more tax was collected, but sensible logic won't stop those idiots from putting up tax.

Despite being in office for 13 years, Labour only introduced the 50p tax rate 3 weeks before being kicked out of office. I wonder why they bothered. Oh yes.......desperate attempt to appear as if they were beating up the bankers.

I don't think this is a good idea but I'd rather parties introduced laws and ran the country in the way they believed in, instead of just accepting whatever changes the previous government put in - for instance Tories keeping the new tax band but reducing it a bit.

And the other reason the tax band was put in was to help emphasise just how unfair the Tories are when they cut it.

Totally agree about bringing in policies they believe in though. Have to laugh every time I hear a whinging leftie say that what the coalition does is unfair and is based on Tory ideology. Well thank f... for that.

Labour is always big on the talk about clamping down on profits, the "rich" etc etc. It's the same boring, inane drivel that is always 'expected' of them, since they're socialism-lite, packaged for the sensibilities of the middle and 'working' classes (who they will still bleed dry given the chance)... and dependants on the government. In practice, they will deliver the same policies as the Tories but just find some other excuse for doing it. I'd rather just burn my money than see it going to Labour's aristocracy, but they'll do that for me through QE, anyway.

Isn't Ed the person who approved Fred the Shred's pension package...?

[Waldorf]

Labour is now reverting back to its stance in the 1970's, anti wealth creators, anti-business, thinking that money grows on trees and simply increasing taxes produces more tax revenue.

The top rate of tax under Labour in the 70's was 98%, and is it any wonder that much of the talent left the country, business lacked investment etc.

The two Ed's have no idea about business, how the private sector works, what motivates investment etc. It is quite frightening that Milliband may well be in Downing Street next year

More worrying is that I don't believe Milliband is interested in business.

He has attacked energy companies, bank and pub companies, who will be next on his anti-business crusade?, Supermarkets, brewers, food companies?

Profit is not a dirty word but there does not seem to be anyone to stand up to the utter rubbish that these Labour idiots are coming out with.

[Waldorf]

In addition, did anyone read Ed Balls turnaround this morning about putting in legislation to ensure the country doesn't run at a deficit if they are elected. Isn't this like putting the Pope in charge of a child abuse scandal???

I understand that they would only legislate to prohibit deficits on current spending but would allow borrowing for so called investment. Brown did the same when he was in power, kept changing the rules so he could keep borrowing.

The last budget surplus was in 2001, and we have been borrowing ever since, each year the country's debt gets larger.

The UK's Budget Deficit Explained

[Waldorf]

Don't get mad, vote UKIP

Now that would be mad, as it will just let Labour win more seats.

[KentPhilip]

Now that would be mad, as it will just let Labour win more seats.

UKIP are nicking almost as many votes off of Labour areas as they are off of tory ones (as Labour voters realise they have been stitched up as immigrants take their jobs).
Vote UKIP - Get UKIP

[Waldorf]

UKIP are nicking almost as many votes off of Labour areas as they are off of tory ones (as Labour voters realise they have been stitched up as immigrants take their jobs).
Vote UKIP - Get UKIP

I agree that UKIP are taking votes from Labour, however in Labour seats, UKIP will also take votes from the Tories. I doubt that the impact of UKIP will mean many Labour MP's, if any, losing their seats due to votes lost to UKIP, whereas UKIP could very well mean a significant number of Tory MP's losing their seats. I doubt UKIP will win many seats, if any.

UKIP is doing to the Tories what the SDP/Liberals did to Labour in the 80's.

I have a great deal of sympathy with the aims of UKIP, however with our voting system, voting for UKIP will increase the chance that Miliiband will get the keys to No.10.

[Zero Liability]

Maybe the Tories should start thinking about ways to bring UKIP on their side, then, if it risks them losing to Labour, rather than whining about the fact that they're having votes "taken" from them due to how identical they are to Labour in all respects. No one owes them a vote, and to me they are just the right-wing side of the social democrat party.

[Flashman]

HMRC revenues from top taxpayers:

2011/12: £41.3bn (50% rate)
2012/13: £41.6bn (50%)
2013/14: £49.36bn (45% top rate)

[AtW]

HMRC revenues from top taxpayers:

2011/12: £41.3bn (50% rate)
2012/13: £41.6bn (50%)
2013/14: £49.36bn (45% top rate)

Where did you get figures for current tax year that won't finish for next 2 months and people won't be submitting SA for another 9?