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Labour would reintroduce 50p tax rate Labour would reintroduce 50p tax rate
(35 minutes later)
A Labour government would reintroduce the 50p top rate of income tax for those earning over £150,000, shadow chancellor Ed Balls has said.A Labour government would reintroduce the 50p top rate of income tax for those earning over £150,000, shadow chancellor Ed Balls has said.
He said a government analysis which showed it did not raise much was skewed by assumptions made by ministers.He said a government analysis which showed it did not raise much was skewed by assumptions made by ministers.
The last Labour government raised the upper tax band from 40% to 50% in 2010 in response to the recession but the coalition has since cut it to 45%.The last Labour government raised the upper tax band from 40% to 50% in 2010 in response to the recession but the coalition has since cut it to 45%.
The pledge was made during a speech to the Fabian Society in central London.The pledge was made during a speech to the Fabian Society in central London.
'Unfair tax cut''Unfair tax cut'
Mr Balls told the audience: "The latest figures show that those earning over £150,000 paid almost £10bn more in tax in the three years when the 50p top rate of tax was in place than when the government conducted its assessment of the tax back in 2012.Mr Balls told the audience: "The latest figures show that those earning over £150,000 paid almost £10bn more in tax in the three years when the 50p top rate of tax was in place than when the government conducted its assessment of the tax back in 2012.
"And when the deficit is still high, when tough times are now set to last well into the next parliament, when for ordinary families their real incomes are falling and taxes have risen, it cannot be right for David Cameron and George Osborne to have chosen to give the richest people in the country a huge tax cut." "And when the deficit is still high... it cannot be right for David Cameron and George Osborne to have chosen to give the richest people in the country a huge tax cut."
He went on to say: "The next Labour government will reverse this government's top rate tax cut so we can finish the job of getting the deficit down and do it fairly. He went on to say the next Labour government wanted to finish the job of getting the deficit down by "reversing this unfair tax cut for the richest 1% of people in the country".
"For the next Parliament, we will restore the 50p top rate of tax for those earning over £150,000.
"Reversing this unfair tax cut for the richest 1% of people in the country. And cutting the deficit in a fairer way."
Labour has previously pledged to reintroduce the 10p lower tax band scrapped by Gordon Brown in 2009.Labour has previously pledged to reintroduce the 10p lower tax band scrapped by Gordon Brown in 2009.
Other Labour pledges Mr Balls highlighted in his speech included: