A Labour government would re-introduce the 50p top rate of tax, Ed Balls pledged today.
The shadow chancellor said he would reverse the decision taken by the coalition to reduce the amount levied on Britain's highest earners - those on more than £150,000 - so he could help reduce the deficit.
Mr Balls told the annual Fabian Society conference in central London this morning that "those with the broadest shoulders" should bear a "fairer share of the burden".
Mr Balls said: "The latest figures show that those earning over £150,000 paid almost £10 billion more in tax in the three years when the 50p top rate of tax was in place than when the government conducted its assessment of the tax back in 2012.
"When the deficit is still high, when tough times are now set to last well into the next parliament, when for ordinary families their real incomes are falling and taxes have risen, it cannot be right for David Cameron and George Osborne to have chosen to give the richest people in the country a huge tax cut."
Mr Balls continued: "That's why, for the next parliament, the next Labour government will reverse this government's top rate tax cut so we can finish the job of getting the deficit down and do it fairly.
"For the next parliament, we will restore the 50p top rate of tax for those earning over £150,000.
"Reversing this unfair tax cut for the richest one per cent of people in the country. And cutting the deficit in a fairer way."