Who to believe on the 50p income tax debate?

Michelle McGagh
New coins for 2014
New coins for 2014

Lies, damn lies and HMRC statistics are in the armoury of both the Tories and Labour when they go into battle over the 50p tax rate.

Shadow chancellor Ed Balls, in what will be a populist move, has said Labour will reinstate the 50p income tax rate for those earning £150,000 or more a year, reversing current chancellor George Osborne's boo hiss moment when he cut the richest some slack at reduced the top rate of tax to 45p.