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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Will Jeremy Corbyn stand down if Labour loses the general election?

Defeat at the polls might not be the end of Corbyn’s leadership.

The latest polls suggest that Labour is headed for heavy defeat in the June general election. Usually a general election loss would be the trigger for a leader to quit: Michael Foot, Gordon Brown and Ed Miliband all stood down after their first defeat, although Neil Kinnock saw out two losses before resigning in 1992.

It’s possible, if unlikely, that Corbyn could become prime minister. If that prospect doesn’t materialise, however, the question is: will Corbyn follow the majority of his predecessors and resign, or will he hang on in office?

Will Corbyn stand down? The rules

There is no formal process for the parliamentary Labour party to oust its leader, as it discovered in the 2016 leadership challenge. Even after a majority of his MPs had voted no confidence in him, Corbyn stayed on, ultimately winning his second leadership contest after it was decided that the current leader should be automatically included on the ballot.

This year’s conference will vote on to reform the leadership selection process that would make it easier for a left-wing candidate to get on the ballot (nicknamed the “McDonnell amendment” by centrists): Corbyn could be waiting for this motion to pass before he resigns.

Will Corbyn stand down? The membership

Corbyn’s support in the membership is still strong. Without an equally compelling candidate to put before the party, Corbyn’s opponents in the PLP are unlikely to initiate another leadership battle they’re likely to lose.

That said, a general election loss could change that. Polling from March suggests that half of Labour members wanted Corbyn to stand down either immediately or before the general election.

Will Corbyn stand down? The rumours

Sources close to Corbyn have said that he might not stand down, even if he leads Labour to a crushing defeat this June. They mention Kinnock’s survival after the 1987 general election as a precedent (although at the 1987 election, Labour did gain seats).

Will Corbyn stand down? The verdict

Given his struggles to manage his own MPs and the example of other leaders, it would be remarkable if Corbyn did not stand down should Labour lose the general election. However, staying on after a vote of no-confidence in 2016 was also remarkable, and the mooted changes to the leadership election process give him a reason to hold on until September in order to secure a left-wing succession.

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