You hardly needed a crystal ball for it. New Labour has finally exposed itself for the sham it always was. A 45% tax rate for non-Labour voters (ok, ‘high earners’, but it’s the same thing) and a complicated temporary cut in VAT that’ll tie up small businesses in yet more red tape for a year or so are on the cards. Years of New Labour profligacy, disguised by a global economic expansion, left nothing in the country’s coffers to ride out a recession; now the UK’s broke Brown & Co have reverted to type, taxing those they consider ‘rich’ (rich? £150K a year won’t let you buy a decent London family home and keep two kids in private school these days) and borrowing us into bankruptcy again, just as the last Labour government did in the 70s.
As Warren Buffet says, it’s only when the tide goes out that you see who’s been swimming naked.