THE Shadow Chancellor made headlines by promising to return to the 50p tax rate for those earning more than £150,000 per year. The way he announced his intention was pure political attention-seeking.
First he described the reduction to 45p tax rate by the coalition government as a massive tax cut; it was actually five pence from 50p.
Second he described the rise in tax as 50p, yet it was to be five pence.
There is no accurate figure of how much extra revenue this might raise, only various speculations. It is pretty certain that it would only be a small portion of what this chancellor-in-waiting would need to enable his promises to help the less well off.
The whole effort would appear to divert attention from the green shoots of economic recovery, evidence of which is regularly being announced in the media.
J Beisly, Osprey Close, York.