Ed Miliband has vowed to reverse the forthcoming tax cut from 50p to 45p for higher earners if Labour wins the next election.
Speaking ahead of the opening of the party’s annual conference in Manchester, the Labour leader also announced that he would tax bankers’ bonuses in order to pay for measures to tackle youth unemployment.
Saying that a Labour government would slow the rate at which public spending was cut, he insisted that Ed Balls, the shadow chancellor, would nonetheless maintain an “iron grip” on the public finances.
He claimed that the Coalition’s Government’s austerity drive was harming the economy by pushing up unemployment, which meant that borrowing was rising in order to pay benefits to “keep people idle”.
Appearing on the BBC’s Andrew Marr show, Mr Miliband described the cut in the top rate of income tax, which is due to come into force next year, as a hand-out to “millionaires”.