Labour and the 50p rate: principle or pragmatism?

While Miliband once said he would "keep the 50p rate permanently", Balls says he would "rather get tax rates down".

As Labour begins to offer greater detail on the fiscal stance it will adopt in 2015, the question of whether it would restore the 50p tax rate is becoming more insistent. On last night's Newsnight, Ed Balls gave his standard response that were Labour in power now it would reintroduce it, but that he was unwilling to make tax policy two years ahead of an election. Intriguingly, however, he added that "personally, I'd rather get tax rates down if I could, but I can't make that promise now on the top rate of tax".

Balls's suggestion that he is not wedded to the 50p rate as a point of principle contrasts with what Ed Miliband said in June 2010, when he suggested that the top rate was an important component of a fairer society

I would keep the 50p rate permanently. It's not just about reducing the deficit, it's about fairness in our society and that's why I'd keep the 50p tax rate, not just for a parliament.

Miliband has since generally adopted the line that Labour would bring back the 50p rate "if there was an election tomorrow", leaving himself with maximum flexibility for 2015, but I suspect that he continues to regard a more progressive tax system as crucial to meeting his aim of reducing inequality. Balls, however, takes a more pragmatic view. The difference in outlook is a good example of what one Labour figure had in mind when they told me that Balls "doesn't really buy all of this 'responsible capitalism' stuff". 

Ed Balls told Newsnight: "personally, I'd rather get tax rates down if I could, but I can't make that promise now".

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.