Labour has replaced politics

DURING the election last year Labour deployed a so-called 'Ming vase strategy,' carefully avoiding detailed scrutiny of policies in case they damaged its precious opinion poll lead.

- Graham Robb

Today we have better insight into the way its manifesto was designed to mislead and dissemble.

Rachel Reeves and Keir Starmer are about to use their Budget to confirm Britain as a high tax, low growth, low productivity country, where hard work and thrift are penalised.

Our competitor economies must look on with bemusement. Take the two largest, China and the USA, the most exciting economies in the world. They are delivering record investment, they are growing at twice the rate of Europe, unemployment is low, and entrepreneurs are fully supported through the tax system.

Despite the international competition, Rachel Reeves is to plough on with an economic policy that older readers have seen before; it’s 1970s socialism with the richest taxed to the hilt but everyone else suffering too.

The top rate of tax (including NI) is 47%, and it’s likely that the amount of money you pay this on will increase, catching more people who would not regard themselves as super rich. Compare this to the USA's top tax rate of 37% or China, under control of the Chinese Communist Party, where the top rate is 45%, or even Italy, where a high-net-worth individual can pay a fee of €200,000 per year and live virtually tax-free, enjoying the Dolce Vita. Also, let’s not forget some states, like Dubai, have no income tax at all.