In the left's telling, the Tory-led coalition (enabled by what Labour considers the snivelling cowardice of its Liberal Democrat members) is planning cuts of choice, not just of necessity.

ECONOMIST: Bagehot

Behind the scenes Lib Dem ministers are telling their Tory coalition partners - if you're determined to drop this tax we need something in return which will show that the government is committed to fairness eg a new tax on property.

BBC: The UK's 50p rate: Tax or symbol?