The Media, the Public and the Great Financial Crisis by Mike Berry

Author:Mike Berry
Language: eng
Format: epub, pdf
ISBN: 9781137499738
Publisher: Springer International Publishing

As can be seen in Table 4.6, arguments in favour of reducing the deficit via tax cuts directed at the better off were almost entirely accounted for by discussion of the introduction of the 50 per cent tax rate on high earners in the April 2009 budget. Although broadly welcomed in the left leaning titles—some Guardian articles even suggested it didn’t go far enough —it was subject to uniformly negative coverage in the right-wing press. These newspapers argued that the decision to raise the top rate of tax would raise minimal revenue, deter entrepreneurialism and lead to a ‘brain drain’ of ‘wealth creators’ overseas:It [increasing the top rate of income tax] will simply encourage tax avoidance and lead wealth-creators to reduce their effort and working hours. In the end it will raise no money, reduce economic activity and initiate a ‘brain drain’ of talent abroad, leaving the whole country worse off. (Express, 23 April, 2009)

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