David Cameron’s ‘£40k cheque to UK millionaires’

ED Miliband has said he would reverse the coalition government’s cut in the top rate of income tax from 50p to 45p “if there was an election tomorrow”.

The Labour leader claimed the tax cut handed to top earners by Chancellor George Osborne was the equivalent of the coalition writing a £40,000 cheque to every millionaire in the UK. Mr Miliband suggested that reversing the tax cuts and using the cash raised to fund public services would be a priority of a Labour government if the party wins the next general election, expected in 2015.

He said: “Next April, David Cameron will be writing a cheque to every millionaire in Britain for £40,000.

“If I was in government tomorrow one change I would make in relation to the better off – first change in a Labour budget – we wouldn’t be cutting the top rate of income tax from 50 to 45p. If there was an election tomorrow that is what we would do.”

However, he promised shadow chancellor Ed Balls would be “iron” in his resistance to “irresponsible spending commitments”, adding: “There will be tough decisions we’ll have to make as a government”.

Mr Miliband said: “What we are going to see from the Labour Party this week is all about how in tough fiscal times, Labour can make a difference.”