Labour has suggested they would eliminate the trade deficit within just 5 years by raising taxes for the highest earners.
When questioned about the 50p income tax rate and whether or not they would bring it back if they were elected, he refused to rule this option out. Ed Milliband suggested a “fairer” system is needed in the UK and that the highest earners should pay significantly more taxes. He stated: “We want a fairer tax system and, as you would expect from an opposition, we will set out our plans in due course.”
Mr. Milliband was questioned on the Andrew Marr’s show, BBC1. He said “If we come to office after 2015, there won’t be lots of money to spend, things will be difficult. That’s partly why the proposals I have on the economy – competition policy, banking – they are so important to change things.”
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