Miliband continues tax plans

Ed Miliband has continued his plans for tax reform, with bankers set to come under increased pressure.

The newly-elected Labour leader is already a keen supporter of the current 50 per cent income tax rate for high-earners, and made further announcements on tax issues yesterday (30 Sept).

Mr Miliband acknowledged that significant changes to the tax system were required, but said families should not be faced with hikes they cannot afford.

"We should look to do more from taxation. For example, taking more from banks or tackling tax avoidance. If we can protect families with higher taxes on banks, of course we should," he commented.

The Labour party said this would be preferable to the party's previous proposals, which would aim to make two-thirds of required savings from spending cuts.

It follows comments from former Mayor, Ken Livingstone, who claimed that bankers should be made to pay 80 per cent income tax given their role in the financial crisis.

“These are exactly the people that have landed us in this mess,” Mr Livingstone recently told Time Out magazine.