Labour calls for income tax cuts

Ed Balls, Labour's shadow chancellor, has suggested that the Government is taking the wrong approach to dealing with the deficit and claimed that he could cut income tax. Mr Balls suggested in a recent article for the Sunday Times that the Coalition risks leaving lasting damage on the UK economy if it doesn't take “decisive action” in the upcoming budget. He added that he could lower income tax by 3p and raise and threshold to above £10,000. This will mostly be of benefit to those on lower salaries, but it should still help out people hit by the 50 per cent tax. The article read: “Without [action], I fear we are in for a lost decade of slow growth and high unemployment which will leave a permanent dent in our nation’s prosperity.” Meanwhile, Conservative deputy chairman Michael Fallon said that Mr Balls had 'learnt nothing' from his time when Gordon Brown led Labour. “He wants billions of pounds of more borrowing and more debt, exactly how Labour got us into this mess in the first place,” said Mr Fallon.

http://www.50percenttax.co.uk/index/2012/2/22/labour-calls-for-income-tax-cuts.html