A Super Tax for the rich at 45%!

Apparently the Pre Budget report (or really a mini/maxi budget with brown pants) will say there will be a new super tax rate of 45% to be brought in after the next election.

Ha ha ha ha ha ha ha ha ha!

Is that the best they can do?

Obviously they will be playing this as "making the tax system fairer" except it won't. If you get get the super rich to pay 20% tax that would make the system fairer, but in fact they avoid it. (more on that later).

So it will make a challenge in the politics of the next election. Labour will go down the Old Labour lines. The reality though is this, this tax increase will bring in £2.5 billion a year compared to a budget deficit that will have risen to an eye watering £150 billion a year notwithstanding the fact that we appear to have guaranteed the banks to a level of 400% of GDP.

Expect there to be pressure on the pound tomorrow.

The BBC has this and the Times has this.

PS.

Had this been an honourable government someone would have resigned over these leaks. They won't, it is not an honourable government.