Iain Dale a Conservative priority candidate for the next election writes in The Guardian.

Remember Peter Mandelson proclaiming that he didn’t mind if people got filthy rich under Labour? Well, those days have well and truly gone. The 50% tax rate announcement was purely designed to give a signal to the Labour left that he’s happy to make the “pips squeak” (copyright Denis Healey, 1977). What other explanation can there be? It will raise very little extra money and help reduce incentives. A 50% tax rate will encourage entrepreneurs to invest money anywhere other than this country.

I’d hardly describe 50% as “pips squeak”, many people who never benefited from the vast wealth that the city made have now paid with their jobs – not that the many short contract and agency workers ever felt secure. Still Ian Dale feels the need to invoke Denis Healey – you know it seems reasonable to ask those earning vastly more than the rest of us to pay a little more and anyway these people pay accountants so they can avoid paying all tax I doubt that the government will recieve anything like the revenue it expects from this measure, but they’ll pay more.

As for Dale’s claim that 50% will be a disincentive to his so called entrepreneurs it really is a fantasy, people make money first, no-one in business thinks hang on I can’t make anymore money because I’ll pay more tax – do they – wake up Dale: live in the real world.