Balls “Labour will reintroduce 50p top rate of tax for those earning over £150,000”
PICTURED: Shadow Chancellor Ed Balls
Labour’s Shadow Chancellor, Ed balls, announced a range of progressive policies today, at a speech to the Fabian Society in London.
Top of the list was Labour’s commitment to reintroduce the 50p top rate of tax for those earning over £150,000.
The previous Labour government introduced the 50p top rate of tax, which brought it close to £10 billion of revenue. The coalition government subsequently reduced the rate to 45%.
Ed balls stated that it was time for those with ‘the broadest shoulders’ to bear ‘a greater share of the burden’ when it came to reducing the deficit by increasing tax revenues.
Bury South MP Ivan Lewis commented: “At a time when some of the most vulnerable in our society are having their benefits cut, when hard-working families are struggling to make ends meet, having suffered real terms pay cuts over the last five years, it is only the Labour party that is seemingly willing to take bold steps to address the huge inequality that exists in this country.”
Other policies included:-
- Expanding free childcare for working parents to 25 hours a week to help make work pay
- Requiring the long-term unemployed to take a compulsory job or lose their benefits
- Legislating for more competition and tougher regulation in energy and banking to make sure these markets serve the public interest
- Setting up a British investment bank to support small businesses, whose business rates will be cut and then frozen