A 'miserable shower': Miliband attacks coalition on 50p tax cut

clock

Labour leader Ed Miliband has attacked the coalition government's decision to axe the 50p rate in his speech at the party's annual conference.

Centering his speech on the theme of ‘one nation' government, he rebuked the government for cutting the top rate at a time when borrowing was still increasing. Miliband framed the axing of the 50p income tax rate as a "gift to millionaires", returning to suggestions from earlier in the conference that the rate will be reintroduced. "Next April, David Cameron will be writing a cheque for £40,000 to every millionaire in Britain...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

UK inflation rises to 3.8% in July

UK inflation rises to 3.8% in July

Core CPI also up to 3.8%

Sorin Dojan
clock 20 August 2025 • 2 min read
Bank of England meets expectations and cuts rates to 4%

Bank of England meets expectations and cuts rates to 4%

Lowest level in two and a half years

Isabel Baxter
clock 07 August 2025 • 4 min read
Think tank warns UK fiscal hole could surpass £50bn by 2030

Think tank warns UK fiscal hole could surpass £50bn by 2030

Government not on track to meet ‘stability rule’

Sorin Dojan
clock 06 August 2025 • 1 min read