50% Tax Rate “Not Anti-Business” Says Balls

50% Tax Rate “Not Anti-Business” Says Balls

Ed Balls has defended Labour”s pledge to bring back the 50% top rate of tax. In particular, he has insisted it does not mean that his party has an “anti-business agenda.”

Ed Balls Wants To See Tax Rates Falling

Balls also said that even though those earning over £150,000 would pay more in tax, he wanted to see taxes falling overall. He also claimed that the 50% rate of tax would help labour clear the budget deficit, and suggested it may not remain in place once this was done.

“It is a fair way to get the deficit down,” said Balls, speaking to the BBC”s Andrew Marr. He continued: “The phrase is “we are all in it together” – that is part of the policy.”

Criticism Over Conservatives Cutting The Tax Rate

Balls also criticised the Conservative government”s actions in cutting this tax rate down to 45% in the first place. He said this was “foolish” and claimed that taking such actions in austere times “fed resentment.”