Jody Corcoran: How sad that Pat was as wrong then as he is now
Rabbitte's big plans for media laws have fallen through and nobody in Government seems bothered, writes Jody Corcoran
Pat Rabbitte was first out of the traps the election before last, in 2007, to promise that Labour in government would cut the standard rate of income tax from a then 20 per cent to an new 18 per cent rate.
It was a dramatic volte-face for Labour, which Rabbitte then led: until that moment, it had been party policy for years to alter tax bands rather than to reduce the base rate.
At the time, the US sub-prime mortgage crisis was at least a year old and had the hallmarks of spreading virus-like to the financial institutions of Europe and worldwide.