Yesterday’s speech by Ed Balls was an important milestone in Labour’s progress towards 2015. You can read a summary – and link to the whole speech – here.
Yesterday [Saturday 25 Jan] Shadow Chancellor Ed Balls announced that the next Labour government will reverse David Cameron and George Osborne’s tax cut for people earning over £150,000 for the next Parliament to help get the deficit down more fairly.
In a speech to the Fabian Society Annual Conference, Ed Balls said that fairer deficit reduction meant that the top rate of tax would need to be raised from 45p back to 50p.
Ed Balls also announced a binding fiscal commitment that the next Labour government will balance the books, deliver a surplus on the current budget and get the national debt falling in the next Parliament .
Latest figures from HMRC show that – in the three years when the 50p top rate introduced by Labour was in place -people earning over £150,000 paid almost £10 billion more in tax, than was estimated when the government conducted its…
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