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

Boris on Osborne and Project Fear:

Unemployment has fallen by 250,000 to a new low of 4.2 per cent while record numbers of jobs have been created – including no fewer than 8 for the former chancellor and chief architect of project fear who has become a glorious living rebuttal of his own preposterous warnings.”

Sponsors

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.
US Ambassador on Sadiq US Ambassador on Sadiq
Question Time’s £450,000 Gender Pay Gap Problem Question Time’s £450,000 Gender Pay Gap Problem
Riot Convicted Bastani on “Public Nuisance” Riot Convicted Bastani on “Public Nuisance”
Press Gallery Welcomes: Thornberry Press Gallery Welcomes: Thornberry
Labour Candidate on “Holocaust Mongers” Labour Candidate on “Holocaust Mongers”
Lansman to Discuss Corbyn Anti-Semitism “Smears” in Israel Lansman to Discuss Corbyn Anti-Semitism “Smears” in Israel
WATCH: May Speech Brings About Policy Exchange Collapse WATCH: May Speech Brings About Policy Exchange Collapse
Tories Make Sick Labour MP Vote in Wheelchair Tories Make Sick Labour MP Vote in Wheelchair
Leaked Emails Show DfT Lied About Northern Rail Leaked Emails Show DfT Lied About Northern Rail
Alan Sugar Tries to Get Sacked from BBC Alan Sugar Tries to Get Sacked from BBC
May Considers Asking to Stay in Single Market for Goods May Considers Asking to Stay in Single Market for Goods
Smith Must Hold Firm Against Grieve Smith Must Hold Firm Against Grieve
Eurotunnel: Don’t Buy Border Scaremongering Eurotunnel: Don’t Buy Border Scaremongering
CCHQ Defaced With Anti-Heathrow Graffiti CCHQ Defaced With Anti-Heathrow Graffiti
Labour Parliamentary Candidate Distances Herself From Rothschilds, ‘Zion Scum’ and ‘Fake Jews’ Tweets Labour Parliamentary Candidate Distances Herself From Rothschilds, ‘Zion Scum’ and ‘Fake Jews’ Tweets
Saj: Time to Review Scheduling of Cannabis Saj: Time to Review Scheduling of Cannabis
Sally Bercow: We’re Not Packing Bags Yet Sally Bercow: We’re Not Packing Bags Yet
Shouty Cracker Lord Moat’s Mask Slips Shouty Cracker Lord Moat’s Mask Slips
Jolyon’s Mystery £100,000 Donor Jolyon’s Mystery £100,000 Donor
Sandbach: I”ll Report Non-Constituents to Police Sandbach: I”ll Report Non-Constituents to Police