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As you all know the country is still in recession. This unprecedented situation that no-one could have forecast has put great pressure on the government to devise strategies to take us through the tough times. No-one has been more hardworking than I have in trying to support families and vulnerable people.

But it's not been enough for some. Some of the middle classes, the Daily Mail readers, the home-owners, the middle income families, some of them think that running up a debt the size of a whole year's income is wrong. They would see the vulnerable made unemployed and lose their homes. They would turn their backs on them.

But not me. I cannot turn my back on those in need. Unlike the Tories I believe that we all need to share in the pain.

So today I'm announcing a new fiscal initiative to reduce the deficit that will not damage the economic recovery. As of midnight tonight anyone who owns their own home, anyone who subscribes to the Daily Mail, anyone who has ever read the Telegraph, anyone who has never voted Labour, all these people will be subjected to an income tax rate of 110 percents of their earnings between £25,000 and £65,000 per year.

With this prudent measure in place I am confident the extra revenue will quickly reduce the budget deficit, that the middle classes are demanding, without restricting the government's ability to maintain the standard of living of the poor and needy.

Further details will be available in the White Paper that will be published later today.