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

Tory MP Nick Boles says what everyone thinks…

“There is a timidity and lack of ambition about Mrs May’s Government which means it constantly disappoints. Time to raise your game, Prime Minister.”

Sponsors

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.
Local Labour Members Want Jared Deselected Local Labour Members Want Jared Deselected
Last Days at BuzzFeed Last Days at BuzzFeed
Bolton: She Came Round But I Didn’t Sleep With Her Bolton: She Came Round But I Didn’t Sleep With Her
Jared Victim: He Shouldn’t Be Back in Westminster Jared Victim: He Shouldn’t Be Back in Westminster
Sick Jared Back to Work Sick Jared Back to Work
Ann Black Purged by Red Terror Ann Black Purged by Red Terror
Parole Board Admit Processes Breached Parole Board Admit Processes Breached
Paul Mason: Aggressive and Intimidating Paul Mason: Aggressive and Intimidating
James O’Brien’s Carillion Fake News Goes Viral James O’Brien’s Carillion Fake News Goes Viral
O’Mara Hasn’t Helped a Single Constituent in Months O’Mara Hasn’t Helped a Single Constituent in Months
Credit Where Credit’s Due Credit Where Credit’s Due
Osborne on Carillion: Then and Now Osborne on Carillion: Then and Now
Paul Mason’s Column Axed Paul Mason’s Column Axed
Lord Pannick Backs Gauke’s Judicial Review Lord Pannick Backs Gauke’s Judicial Review
“Get On Your Knees, B*tch” Clive Lewis Returns to Labour Frontbench in Reshuffle” “Get On Your Knees, B*tch” Clive Lewis Returns to Labour Frontbench in Reshuffle”
Vulnerable Children’s Data Breached at Labour-Run Leicester City Council Vulnerable Children’s Data Breached at Labour-Run Leicester City Council
Dover Traffic at Record Levels Dover Traffic at Record Levels
10 Times Chris Williamson Wasn’t Sacked 10 Times Chris Williamson Wasn’t Sacked
Watch: Baroness Jenkin Drops C-Bomb in Lords Watch: Baroness Jenkin Drops C-Bomb in Lords
Worboys Victims Formally Ask CPS to Reassess 93 Unprosecuted Cases Worboys Victims Formally Ask CPS to Reassess 93 Unprosecuted Cases