Taxing questions for the rich

The new highly symbolic rate would only come if Labour won the next election, ending the party's long-running pledge not to raise income tax.

It could also further widen differences with the Tories, who seem in favour of financial restraint rather than public spending increases to boost the economy.

Mr Brown seems ready to gamble everything on voters supporting his tax-and-spend policies in this "new world" where old conventions are turned on their head.

The Tories will be constantly asked whether they support the Government's increased spending or want to see cuts and indeed whether tax rises for some are right.

And might voters prefer Gordonomics to Davonomics in the current climate? A few extra quid in their back pocket and cheaper goods in the shops - by cutting VAT to 15% from 17.5% - may be appealing.

The electorate may even be ready to bite the bullet over future tax increases to pay for massive increases in public borrowing to stave off the worst effects of recession, especially if those blamed for economic turmoil are forced to pay up.

Could it even set up Gordon Brown for an unprecedented fourth Labour term? Certainly, the polls are heading in the right direction for the Prime Minister.

Perhaps another popular policy would be to reopen debtors' jails and put all those bankers in there until they pay the rest of us back. But that might be going too far...