50p tax on rich may be temporary, Labour ministers hint

The clear implication was that the 50p in the pound rate for the top one per cent who earn £150,000 could be abolished when the economy recovers.

"This is a pretty profound set of circumstances," the Chancellor repeatedly stressed to TV and radio studios to defend his package of measures which included tax raids on drinkers, smokers and drivers as well as record borrowing to make ends meet. "We have not seen it for generations, we have got to deal with it and I am confident that we will get through it," he added. Saying he had a "duty" to reduce borrowing, he went on: "I have also had to go to those people who have earned the most over the past few years, people in over £150,000, and say, 'you are going to have to contribute a bit more while we resolve this situation.'