Labour’s 50p tax equation
Here’s one aspect of the Labour leadership contest that has passed without much comment: how many of the contenders want to extend the 50p tax rate from those earning over £150,000 to those earning over £100,000. Ed Miliband’s one of them; so is Diane Abbott; and so too – as he reminds us in interview with Left Forward Forward today – is Ed Balls. Sure, only one of these candidates has a realistic chance of becoming leader – but another could easily end up as shadow chancellor. So it’s fairly probable that this will be official Labour policy in the not-too-distant. If so, the impetus behind the tax hike will
