This is wrong. Labour increased the top rate from 40% to 50% in their last months in office (far too late IMHO) and Osborne then cut the rate to 45%, since they were so concerned about the tax "burden" on multi-millionaires. If it had not been for the Lib Dems, they would have probably cut it back to 40%. This is not to defend the Lib Dems' role in the coalition since they allowed many bad things to happen, in particular the so-called "reform" of the NHS.