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Ed Balls: "For the next Parliament, we will restore the 50p top rate of tax for those earning over £150,000."
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.
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.
'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.
"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."
- 1979-1988: 60%
- 1988-2010: 40%
- April 2010-April 2013: 50%
- April 2013-: 45%
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".
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:
- 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
He also announced a Labour government would balance the books and deliver a budget surplus.
His party would pass a law to ensure it adheres to "tough" and binding fiscal rules, he said.
This would mean eliminating the deficit - so the government generates more cash than it spends - and cutting debt as a share of GDP between 2015 and 2020.
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