IFS Demolish Balls Plan

Balls couldn’t resist a love-in with the Institute for Fiscal Studies back when they were criticising the government in 2012, crowing that:
“The IFS is right to cast doubt over the so-called ‘findings’ of the review of the 50p top rate published by the Chancellor. They say that it is uncertain that the cost of cutting the 50p rate is as low as Ministers claim and that it is too early to judge the true effect.”  

Well for some reason he doesn’t seem to want to listen now that they’ve demolished his 50p tax rate plan this afternoon. In a withering assessment, the IFS concludes:

“The best available estimate of what reversing the cut would raise is therefore about £100 million too… at the moment, the best evidence we have still suggests that raising the top rate of tax would raise little revenue and make, at best, a marginal contribution to reducing the budget deficit an incoming government would face after the next election.”

 What was that about always listening to the IFS?




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