Howard I fail to see how this would attract the 'red vote' and their politics of envy since Balls proposes raising the 45p rate to 50p?
This is the fiscal madness which has been followed by Hollande in France who after election in 2012 raised the higher tax rate to 75%.
The result has been tax receipts plummeting and unemployment raising by 15% to a scandalous 3.3 million.
The figures would be even worse if it were not for an increase in state-sponsored jobs which whilst keeping unemployment 'down' hamper a real recovery in the broader economy.
Economic growth in France over the past two years has been 0.8% whereas the UK economy has grown by five times this amount.
Thatcher was a follower of Hayek who in Chapter 20 of Constitution of Liberty opposed progressive taxation.
A summary is here:-
http://theunbrokenwindow.com/2011/04/28/hayek-on-progressive-taxation/ 