Reacting to the Shadow Chancellor's proposals to reintroduce the 50p rate of Income Tax, Jonathan Isaby, Chief Executive of the TaxPayers' Alliance, said:
Reintroducing the 50p rate would be an unmitigated disaster for Britain. It flies in the face of the evidence, which shows that cutting the top rate has brought in more cash to treasury coffers and boosted the economy. Ed Balls has rightly identified the need to balance the books, but the best way to do that is to cut spending, not hike taxes.