The new income tax band on people earning £150,000 is a classic elephant trap for the Tories. Today, afraid of looking like the party of the rich, they could find no criticism for the new 45 per cent rate.

The measure only hits about 300,000 people. In this climate, this is a policy which will attract little opposition.

Except: what about Labour donors? Will there be a backlash among the millionaires who have helped bankroll the party in the past? They are already dwindling…will they become extinct?

November 24, 2008 8:48pm in Labour, UK politics | Comment