I might be being overly generous here, but perhaps Ed Balls is playing a political master-stroke today.
He and the ever grating Rachel Reeves have tabled an amendment to the Finance Bill which will be debated today. His proposal which you can read here will remove the 45p tax band from 2013. Leaving the top rate of tax officially undecided, or 40p, the next highest band.
But maybe, just maybe it’s a clever move by Balls. Surely the Conservative’s will have to oppose the move, because they have just published a budget calling for a 45p tax band. If they could have afforded to cut the band to 40p, surely they would have done so? So, by calling out the Tories to back a 40p band and then them backing higher taxes, can Balls and Miliband spin their cock up against Osborne and Cameron. Tories voting in favour for higher taxes (as opposed to Labour’s scrapping off it) won’t sit well if it comes out in the media with grass root voters.
As I said, maybe I’m just being kind, maybe its yet another cock up by the ever incompetent Keynesian. After all, they did technically abstain on the bill in the past.