When Gideon Osborne, the UK Chancellor,announced a drop in the top rate of tax from 50p to 45p, there was, predictably, uproar. That, however died away after a while, as he no doubt hoped it would. Well, he and his friends in the City, who primarily stood to benefit from such misplaced largesse.
Now after a year when jobs have been lost, benefits to the poorest have been slashed and some have even lost their homes because, of all things, they had the temerity to have a spare room in their house, I’m grateful to Labour for quantifying the ‘cost’ of this tax cut.
2714 highly paid bankers ( the ones who caused the present crisis, lets not forget) who earn more than £800,000. Yes, it’s worth arresting that last sentence, £800,000, will receive a tax cut of £36,000 from a combined loss to the Treasury of £95.5m. (Via this tax cut).
So whilst the poorest quartile continue to shoulder the burden of cuts, the richest can live even higher on the hog, courtesy of the Tories, who continue to insist that we’re all in this together.