Richest Hit Hardest Since Recession

Miliband wowed us all with the stunning originality of his attack on Cameron at PMQs this week:

“With every answer, the Prime Minister shows who he stands up for: a few at the top, not the ordinary families of Britain. That is the truth. This is a country where, after four years of this Government, people are worse off. This is a Prime Minister who has already given those at the top, millionaires, a £100,000 tax cut, and he wants to give them another one. He can only govern for the few; he can never govern for the many.”

Which fits cutely into Ed’s increasingly dull narrative. Buried within the spin about today’s Institute for Fiscal Studies numbers is the proof that, whatever Ed wants to believe, the richest have been hit hardest. The wealthiest decile have seen their incomes fall by 9% since the recession, while by comparison the poorest decile have suffered a relatively smaller drop of 2.4%. Add that to the richest paying more in tax than they did under Labour and Ed’s line falls apart. Guido does not agree with the Tories line that taking more in tax from the rich is something to be proud of, though it makes a mockery of Labour’s attacks either way…

Have Your SayAnother thing to take away from the report is that the IFS data model also supports the emerging consensus that the “cost of living crisis” is coming to an end and barely touched those on inflation indexed benefits. Whilst those famous hardworking voters saw a real terms decrease in spending power, Labour’s core shirking voters saw no real terms fall in spending power on Benefits Street until this year’s reforms.

It was way past the time that the Tories made good on their promise that work would always pay better than benefits… 




Tip offs: 0709 284 0531
team@Order-order.com

Quote of the Day

Shadow Education Secretary Angela Rayner:

“We have no plans to write off existing student debt.”

Sponsors

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.
Watch: Best Maiden Speech of 2017 Intake Watch: Best Maiden Speech of 2017 Intake
Child Protection Investigation ‘Stalled to Help Labour’ Child Protection Investigation ‘Stalled to Help Labour’
Davis Accepts Donations from Top Blairite and TV Remainer Davis Accepts Donations from Top Blairite and TV Remainer
BBC #NotOnTheList Stars Paid Via Production Companies BBC #NotOnTheList Stars Paid Via Production Companies
Pants-Wearing Councillor Boasted He Had “Vaz in My Right Pocket” Pants-Wearing Councillor Boasted He Had “Vaz in My Right Pocket”
Champion: ‘Not Possible’ to Keep Student Debt Promise Champion: ‘Not Possible’ to Keep Student Debt Promise
BBC Rich List Revealed: Salaries In Full BBC Rich List Revealed: Salaries In Full
Torbynista Greening Loses Fight for New Money Torbynista Greening Loses Fight for New Money
New Labour Spinner Boasted of Bullying Angela Eagle New Labour Spinner Boasted of Bullying Angela Eagle
Remainers Behind Smears and Negative Briefings Remainers Behind Smears and Negative Briefings
Sunday Shows Sunday Shows
Byline Fined For Defamation in First Impress Ruling Byline Fined For Defamation in First Impress Ruling
Freedom From Abuse Not Abuse of Freedom Freedom From Abuse Not Abuse of Freedom
Milne & Blonde Pictured in Restaurant Milne & Blonde Pictured in Restaurant
Corbyn Spends Evening With Assad Loving Genocide Denier Corbyn Spends Evening With Assad Loving Genocide Denier
Osborne Defends Blackrock’s Investment on Front Page Osborne Defends Blackrock’s Investment on Front Page
Taylor Review Hijacked by Union Sock Puppets Taylor Review Hijacked by Union Sock Puppets
Assange Lawyer Named as Milne’s Mystery Blonde Assange Lawyer Named as Milne’s Mystery Blonde
The Great Fairtrade Scandal The Great Fairtrade Scandal