Ed Balls’ 50p tax pledge wins surprise backing of Blairites

Big business and most newspapers are putting the boot in – but there’s support from an unlikely quarter

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AGAINST all expectations, two leading torch-bearers for the Blairite wing of the Labour Party have rallied around Ed Balls and his promise to bring back the 50p tax rate, despite a savage attack by Big Business and many of the national newspapers on Balls and Ed Miliband for turning the clock back to Old Labour.

Business leaders and City bosses lined up like hooligans on a boozy weekend to put the boot into the two men after the shadow chancellor announced on Friday that Labour would reinstate the 50p tax rate for those earning £150k a year if the party wins the 2015 general election.

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is the pseudonym for a London-based political consultant who writes exclusively for The Week.co.uk.