It can be said that New Labours "ethical foreign policy" expired in the House of Lords in the early hours of a dark and windy night in 2005 at around 2am, any idea that "we are all in it together" expired in broad daylight live on television something between 12.30pm and 13:30pm today. In many ways the Conservative dominated Con Dem Government’s decision to scrap the 50p tax rate for high-earners should not been much of surprise, they have in many ways simply reverted to type.
One principle that George Osborne clearly does not subscribe to is that of progressive taxation. The Con Dems plan from 2013 onwards to cut a further £10 billion pounds worth of welfare. Rather more alarmingly it can be said that cutting taxes for high earners whilst slashing support for those less fortunate has merely highlighted the fact that the Westminster seems to have become a plaything of the rich elite and their friends.
We live in one of the most unequal societies in the developed world as a direct result of thirty years of Tory-New Labour government in London. One of the main reasons why the 50p tax rate hasn't worked is because enough of those who should be paying it have been able to use various tax dodges. If you believe in a fair society then everyone needs to pay their fair share. As a society we need to crack down on tax havens, tax avoidance and off-shore finance so that everyone pays a fair and correct amount of tax, not to mention cutting back on pension perks for high earners. .