DENIS HEALEY had a bittersweet message when he took to the stage at Labour's annual conference in 1973 with a pledge to increase taxes. There would be "howls of anguish" from the rich, the then shadow chancellor promised delegates in Blackpool. But he added: "Before you cheer too loudly, let me warn you that a lot of you will pay extra taxes, too." Pay they did. Two years later, Healey raised duties on alcohol and tobacco and increased the basic rate of income tax from 33% to 35%. It was the last time a British chancellor moved the basic rate upwards.
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