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.