Some commentators such as Polly Toynbee have welcomed the new 45% rate and seen it as a sign that Labour is returning to social democracy. I agree that it is a good move, however it is assuming too much to think this means a definite return to social democracy. It is worth remembering that, for the first 9 yrs of Thatcher's rule, the top rate was 60%.
Dave Osler also points out the many other issues that need to be tackled if this is to signify a move back towards what people would have recognised as social democracy.
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