This morning’s papers have been briefed that the government is mulling a shock tax raid that would see more high earners slapped with the top rate.
The £150,000 threshold at which the additional rate kicks in could be lowered and even that top rate of 45p raised. NB: Guido suspects that is a false flag – so that when it does not happen we are grateful.
It is just the latest in a cavalcade of broken promises, false undertakings, and caving in to vested interests or opposition pushback.
The former chancellor knew the economic picture when he was campaigning. In the summer he made a big thing of “levelling with the British people” and not “telling fairytales”.
To be clear: He is making a political choice to drop things that are not fiscal imperatives and he is making a political choice to raise taxes. What happened to cutting spending? The former chancellor didn’t say that was impossible a few months ago. Who was really telling fairytales this summer?