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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Quiz: Can you identify fake news?

The furore around "fake" news shows no sign of abating. Can you spot what's real and what's not?

Hillary Clinton has spoken out today to warn about the fake news epidemic sweeping the world. Clinton went as far as to say that "lives are at risk" from fake news, the day after Pope Francis compared reading fake news to eating poop. (Side note: with real news like that, who needs the fake stuff?)

The sweeping distrust in fake news has caused some confusion, however, as many are unsure about how to actually tell the reals and the fakes apart. Short from seeing whether the logo will scratch off and asking the man from the market where he got it from, how can you really identify fake news? Take our test to see whether you have all the answers.

 

 

In all seriousness, many claim that identifying fake news is a simple matter of checking the source and disbelieving anything "too good to be true". Unfortunately, however, fake news outlets post real stories too, and real news outlets often slip up and publish the fakes. Use fact-checking websites like Snopes to really get to the bottom of a story, and always do a quick Google before you share anything. 

Amelia Tait is a technology and digital culture writer at the New Statesman.