Alistair not a Darling to high earners

Chancellor Alistair Darling is to announce a new top rate of tax of 45 per cent. This will apply to high earners of £150,000 or more.

The new rate will come into play after the next general election and will affect nearly 300,000 people, while raising about £1.2 billion.

Today, in another attempt to help the economy, Mr Darling cut VAT from 17.5 per cent to 15.

The Times however reported David Cameron saying that he could not see the long term benefit of these plans: "I think people are going to be shocked when they see the extent of government borrowing."

One possible concern that could derive from the Chancellor's decisions to stimulate the economy is that we may forget the original reasons behind the financial crisis in the UK.

Bankers, policymakers and regualtors have failed the system and this year, we have all had to pay the price.

Let us not forget that the reason we are undergoing a credit crunch is because of these groups of people mentioned above, despite the actions Alistair Darling may take to manage and control the economy.