Labour: 50p income tax move 'not anti-business'

Ed Balls has dismissed claims Labour's plan to reintroduce the 50p top rate of tax is part of an "anti-business agenda" and said the move would be temporary.

The shadow Chancellor said the move is a fair measure which would help reduce the country's "huge" deficit, the BBC reports. Speaking on Sunday morning, he told the BBC people earning more than £150,000 should pay more tax, but overall taxation should fall. He also said the maximum would not rise above 50p. The previous Labour administration created a 50% tax band in 2010 for high earners, but the coalition government moved it back down to 45% in April last year, the report said. Balls told Andrew Marr the coalition's decision had been "foolish" and had created resentment during ...