45p Tax Rate

There are some right wing bloggers (e.g. here) who are kicking up a fuss about the possible future 45p tax rate which may be announced tomorrow. If the Tories squeal loudly about this (assuming it is true) then it will cause them problems.

It will be very easy for Labour to paint them as only trying to look after the rich. After all the money the mega rich have made in the last 15 years, to complain about a small increase in the top rate of tax for the very wealthy (and £150K + per year is unimaginable for most) will look extremely churlish.

The economic arguments may be correct (although I seem to recall a lot of people claiming they would leave the country if Labour got in and not many actually doing it) but the politics of this is all important and the opposition have to be very careful here.

Everybody is suffering at the moment and the very rich will need to be seen to be doing their bit if yet more resentment at them is not to be fostered.