When one looks at the fact that it [the 50p tax rate] is being brought forward to April 2010, probably just a few weeks away from a general election, and when one considers that it targets a very small number of taxpayers, the only sensible conclusion to draw is that the 50p-rate proposal has more to do with political positioning and tactical manoeuvring than a principled, strategic approach to taxation and the raising of revenue.

Some people have said that the political motive behind the proposal was to provide an elephant trap for the Conservative Opposition to fall into, but the trap is so large and well-signposted that even the most myopic old tusker would have little difficulty avoiding it. There are many ways of describing the Leader of the Opposition, but a short-sighted elephant is not one of them, so for understandable political reasons, the trap has been avoided by the Conservative Party. I think that many people in the Conservative party will be very disappointed that the 50p rate is, I understand, not to be opposed by the Conservative Party, but I believe that it should be opposed, because in the long run it will be damaging for both the Labour Party and the economy.

First, and perhaps most importantly, the measure breaks a key manifesto pledge made by the Labour Party not to increase the top rate of tax ... For many years to come, the Labour Party will regret that a manifesto pledge on tax was broken in such a way, and broken literally a few weeks before a general election. If the 50p tax rate is so important, why not bring it in during July next year—three months later? We would then have honoured the pledge that we made in 2005. However, we are not doing that. We are introducing the 50p rate in such a way for, I believe, cynical political reasons, and that simply will not work in our interests.

We, even more than the Tories, are the ones who should be pointing out that it is a breach of a manifesto commitment, making clear we did not want to go against the manifesto, and that we understand how serious that is. Politicians, contrary to what some may think of them, do not like to break promises. Also, the maintenance of Labour's promises on income tax has been a very important part of our success, politically and economically. The fact of the new top tax rate is therefore evidence of how serious the economic situation is.

Yes, taxes will have to go up, and a symbolic tax on the better off that will not raise much money may be an important part of that. But why in April next year, just before a likely election in May (that has to be held by 3 June), rather than in July, just after?