Principles matter

THERE was a time when Labour ministers such as Peter Mandelson were “intensely relaxed about people getting filthy rich”.

But that was a different, admittedly more electorally successful, Labour Party, the memory of which the left wing of the party now running the show has taken delight in burying.

All of which makes John McDonnell’s meek acceptance of Tory tax cuts for the rich in the middle of the age of austerity all the more baffling, on the surface at least.

Philip Hammond’s tax cut Budget benefits the top 10 per cent of earners 14 times more than the poorest, who will continue to suffer from cuts to public services.

Thanks to the powers delivered by the referendum Vow, the SNP Government will happily tax the well-off at a higher rate in Scotland, sensing the policy will draw the instinctive support of Labour voters.

It seems to be an open goal for a Labour party to oppose the giveaway to high earners but McDonnell insisted he’s for it.

The tax cuts, it could be argued, were coming anyway and arrived a year early.

But something else is arriving next year – the impact of Brexit. McDonnell might be boxing clever by demonstrating he understands that putting cash in the pockets of those most likely to spend it might lessen the economic shock.

But giving tax breaks to the rich, as opposed to money to those who need it, is dubious politics that a left-wing party ought to oppose on principle.