50p and all that

So, Labour has announced at the weekend that it will keep the 50p tax rate. 

*Sigh.*

Even though Balls’ commitment to balancing the books is to be applauded (three years late, but better late than never) and although the economics is ok in terms of paying down the debt (if in fact it raises money, which some people, including HMRC, doubt), it is still terrible politics, as I wrote three years ago.

Even if the overall tax burden is the same, all the Tories will say, and all people will hear, is “Labour’s putting up taxes”, as they did in 1992. I guarantee you.

That is all.