Labour steps up its attack on the 50p tax cut

New figures show that 8,000 millionaires will gain an average of £107,500 from the abolition of the top tax rate.

One of Ed Miliband's favourite lines of attack against the coalition is that the abolition of the 50p tax rate will give a tax cut of at least £40,000 (£42,500, to be precise) to every person earning over a million pounds a year. The Labour leader says "at least" because many of the 8,000 people in question will, of course, receive far more. Today, at a joint Q&A with Ed Balls ahead of George Osborne's Autumn Statement, Miliband will reveal just how much more.

New figures released by Labour show that income millionaires (as opposed to those whose assets are worth at least a million, a distinction Miliband failed to make in his conference speech) will gain an average of £107,500 from the move. Miliband will say:

They don't understand that you build economic success not from wealth trickling down but by rewarding and supporting working people. Earlier this year I highlighted the millionaires’ tax cut. I said David Cameron would be giving a £40,000 tax cut to every person earning over a million pounds a year.

But new figures we are publishing today show it is even more than that. The Government is about to give an average of £107,500 each to 8,000 people earning over a million a year. Not £40,000. But £107,500. To 8,000 millionaires. David Cameron and George Osborne are giving them this money. But it’s coming from you. You are paying the price of their failure and them standing up for the wrong people.

The Labour leader rightly believes that the abolition of the 50p rate remains one of the government's weakest points. Between now and next April, when the tax cut is formally introduced, we can expect him to take every opportunity to remind the public just how much the richest will benefit from the move. Labour also plans to maintain the pressure on David Cameron to say whether he will gain from the abolition of the top rate. A private poll released by the party in October showed that 62 per cent of voters believe Cameron should "come clean and tell people honestly whether he is personally benefitting from this".

Ed Miliband will today give a Q&A with shadow chancellor Ed Balls ahead of George Osborne's Autumn Statement on 5 December. Photograph: Getty Images.

George Eaton is political editor of the New Statesman.

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What did Jeremy Corbyn really say about Bin Laden?

He's been critiqued for calling Bin Laden's death a "tragedy". But what did Jeremy Corbyn really say?

Jeremy Corbyn is under fire for describing Bin Laden’s death as a “tragedy” in the Sun, but what did the Labour leadership frontrunner really say?

In remarks made to Press TV, the state-backed Iranian broadcaster, the Islington North MP said:

“This was an assassination attempt, and is yet another tragedy, upon a tragedy, upon a tragedy. The World Trade Center was a tragedy, the attack on Afghanistan was a tragedy, the war in Iraq was a tragedy. Tens of thousands of people have died.”

He also added that it was his preference that Osama Bin Laden be put on trial, a view shared by, among other people, Barack Obama and Boris Johnson.

Although Andy Burnham, one of Corbyn’s rivals for the leadership, will later today claim that “there is everything to play for” in the contest, with “tens of thousands still to vote”, the row is unlikely to harm Corbyn’s chances of becoming Labour leader. 

Stephen Bush is editor of the Staggers, the New Statesman’s political blog.