Ed Balls

On Saturday, Ed Balls announced that a Labour government would bring back the 50 per cent tax rate on incomes over £150,000. His main justification is that it would raise more revenue than government estimates suggest. Is the shadow chancellor correct? 

There is no obvious middle ground between building all of HS2 and not building all of HS2. The estimated benefits are higher over time and the further it goes towards Manchester and Leeds. And if the money is not spent on HS2 a large share of it will still have to go on increasing capacity. So far at least the opposition has accepted the argument that HS2 is the best way to do that.  

In today’s Guardian, Ed Balls admits that “at last economic growth is returning”. As my colleagues George Parker and Chris Giles note, this is a sign that the political debate over the recovery is changing from when will it begin to “who will own it?”

The answer to that is presumably George Osborne and Mark Carney. But there is another, subtly different question that will also be asked: “who will experience it”?