I owe Ed Miliband an apology. No, that’s too strong. Let me start again. I may have to owe Ed Miliband an apology if – as reported in a number of today’s newspapers – George Osborne follows through with plans to axe the 50p tax rate.
Over the past few months I could have given the impression Labour’s leader is a busted flush. A no-hoper. I think yesterday I described him as a cautionary tale.
Well, what do I know. Because if the chancellor bows to pressure from small but vocal elements on his backbenches and cuts tax for the richest one per cent then Ed Miliband genuinely is in with a shout of being the next Prime Minister.
When I saw the initial news reports last night I thought they were a spoof. Then I thought they may have been the product of some good old-fashioned political scaremongering from Labour’s treasury team. Finally, having read the reports in more detail, I came to the conclusion they must have been the result of some last-minute political positioning from the Lib Dems. To what end, I struggled to fathom. But Vince Cable is Vince Cable after all.