date: 7 September 2011
Commenting on the letter in the Financial Times today (Wednesday), calling on the Chancellor to drop the 50p tax rate on earnings of more than £150,000, TUC General Secretary Brendan Barber said:
'At a time when cuts are biting hard and ordinary people are suffering the biggest squeeze on their living standards in years, the last thing we need is a handout to the wealthiest in our society.
'But this call is not just monstrously unfair, it is the kind of bad economics that led to the economic crash. Running the country in the interests of hedge fund managers created the huge bubble that burst in 2008.
'What is most depressing is that in the US, France and Germany there are vocal lobbies of wealthy people making the case that they should pay more to help clear up the mess that caused by the crash.
'In the UK they simply want to get back to what they see as the good old days, with a Chancellor quietly egging them on.'
NOTES TO EDITORS:
- All TUC press releases can be found at www.tuc.org.uk
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Issued: 7 September, 2011