I explored three options the Tories might use on the 50p tax rate yesterday. Then it was whispered to me that there is another - which is that it will be announced that the rate is to be cut - but with a long deferral, or maybe a deferral until certain conditions are met.

Well, it's possible, I suppose. But likely?

I can't recall an announcement of a tax cut without a date attached before.

So it's more likely to be announced for two years hence - and what a gift to planners that will be! The precise benefits of deferral can then be calculated. What joy for accountants everywhere. And what a shot in the foot for HM Treasury - a loss of revenue could be just as certainly written into the budget with a claimed Laffer benefit, shall we suggest, a year before the next election?

It's rigging the data time again, if true.