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.