Political cross dressing is getting increasingly complex, Vince Cable is advocating a 16% starting rate for income tax, abolishing tax breaks on capital gains and pensions plus raising “dirty” taxes. They admit they don’t really aim to cut taxes, just shift the burden around.

Cutting the tax code, raising the stamp duty and inheritance tax threshold are all good, but clobbering capital gains will discourage enterprise and investment. Retirees are in enough trouble after Gordon’s Great Pension Grab without taxing them even more.

Can’t help feeling sorry for multi-millionaire Chris Huhne, it came out during the LibDem leadership battle that he was a prolific investor in capital gains tax shelters…