Alistair Darling is "Red All Over", wailed The Times. "Return Of Class War", screamed The Daily Telegraph.
Newspaper editors are presumably part of the 0.6 percent of the population who will be hit by the 50 percent top rate of income tax announced by the chancellor in his budget. But this measure should be put in context. When Labour last left office in 1979 the top rate was 83 percent.
The Financial Times (FT) was more realistic about Labour's budget. Behind the headlines and spin, it argued, were a record budget deficit and a prelude to a savage assault on the public sector.