If it is true, as the BBC is reporting, that the Government intends to introduce a new top rate of income tax, it marks the death knell for New Labour. No doubt someone out there can work out the extra tax a 45p rate would raise from those earning above £150,000, but it is surely a fairly paltry amount, which would be more than counterbalanced by the economic disincentive inherent in it. The age of aspiration is drawing to a close.
Tony Blair must be spinning in his political grave.
Gordon Brown is heading for his.