Coming clean

In reality, of course, it merely signifies Labour's intention to keep the pressure on the Tories following their self-inflicted embarrassment over the tax status of their deputy chairman, Lord Ashcroft.

Indeed, all the indications are that this tactic is paying off as the Tory lead in key marginal seats shrinks. If this were, indeed, the result of the so-called Ashcroft factor, it would be deeply ironic as the Conservatives' policy of directing money and manpower at these target seats has been the peer's own responsibility.

If the Tories are to win outright power, they must prevail in 88 of Labour's 100 most marginal constituencies. In other words, if David Cameron were to become Prime Minister, he would owe a huge debt of gratitude to Lord Ashcroft.

These facts illustrate how important the anti-Ashcroft campaign has become to Labour. But they also highlight the Tories' folly in allowing this hostage to fortune. Why, when his tax status has been a

contentious issue for years, did Lord Ashcroft wait until a matter of weeks before the General Election to admit that he does not pay UK income tax on his foreign earnings?

Lord Paul's admission will boost Labour's mud-slinging campaign, but the danger is that the damage has already been done. It was Lord Ashcroft himself who said that the Conservatives could never again be seen as the party of the "privileged few".

Now, thanks to his own misguided reticence, the Tories are once again being viewed as a self-appointed elite who believe that the rules should apply to everyone but themselves.