Balancing act:
servatives are promising to raise the 40 per cent threshold so no one earning less than £50,000 pays it.
But asked t o g u a r a nt e e whether Labour would rule out dragging more people into the band, a spokesman for Mr Balls instead went on the offensive.
He promised the party would reverse the Tory’s “millionaires’ tax cut”, the move to cut the highest rate of tax from 50 per cent to 45 per cent. He went on: “Tory promises to raise the 40p threshold further are completely unfunded and will cost billions of pounds.”
Tory chairman Grant Shapps said: “Ed Balls has let the cat out of the bag and admitted Labour will raise taxes on hard-working people like teachers, nurses and police officers.”
Labour this week published an advertisement quoting business leaders who later refused to endorse the party.
The letter to The Daily Telegraph from business chiefs included five ex-Labour supporters — among them Dragon’s Den star Duncan Bannatyne and Bloomberg chairman Peter Grauer, whose firm hosted Labour’s business manifesto launch this week.
Former Marks & Spencer executive chairman and Tory peer Lord Rose said: “Look at the large number of people who have signed it. Look at the diverse backgrounds they come from, whether they ’re small businesses, medium-sized businesses or large businesses. That must say something.”
Labour said the letter included 23 Tory donors who have given the party more than £7.5 million.