Labour won't do any better vis-a-vis bankers and large corps

I'm at a loss what to make of Labour's plans at the moment. They've come up with this pledge that they won't be taking on any additional borrowing - so that either leaves making & retaining broadly the same cuts as the Tories are proposing, or massively increasing taxes on pretty much everyone.

For example - I can't see them increasing the personal allowance to the same extent as a Lib/Con coalition would. You won't get much more out of higher earners - a 50% marginal rate doesn't gain very much more tax revenue than the 45% rate does, and non-dom thing may even cost money. So that just leaves the squeezed middle (us lot) to bend over yet again.

Posted By: CWC, Apr 13, 15:40:22