Ed Miliband answered questions for the first time this afternoon about his plans to re-introduce the 50p rate of income tax.
Politicians at both ends of the political spectrum need to be more honest about the true motivations behind their tax policies.
Ed Balls has said Labour would restore the 50p tax rate for those earning over £150,000 if the party wins the next election.
More business and enterprise means "prosperity and economic security for us all", according to David Cameron
In a major speech on the economy to be given alter today, the PM is expected to say:
– David Cameron
As part of our long-term economic plan we are backing business and ensuring our budding entrepreneurs get the finance and support they need to kick-start and grow their businesses.
Business and enterprise mean more jobs for hard working people; more opportunities for people to break out on their own and be their own boss; and more prosperity and economic security for us all.
Ed Balls will criticise the Conservatives for cutting taxes "at the top" and doing nothing to help those on low incomes increase their wealth.
In a speech given in Bedford, Mr Balls will say:
– Ed Balls
We know the Tories' real economic plan - it's to cut taxes at the top and hope that wealth will just trickle down.
Having already cut taxes for millionaires in this Parliament, they're champing at the bit to do it again if they win the election - cutting the top rate of tax for people earning over £150,000 again from 45p to 40p. Another tax cut worth £3 billion for the richest 1% of our country.
David Cameron and Ed Balls will both set out what they want to see from the economy in separate speeches later today.
The Prime Minister will announce a £100 million cash injection into the "Business Bank", where the Government provides loans to entrepreneurs looking to start their own business.
The Conservative party leader will also claim the Government has reached a significant milestone by awarding the 20,000th loan to an entrepreneur.
However, Labour's Ed Balls will hit out at the drop in real-terms wages and criticise the Government for failing to act.
The Shadow Chancellor is expected to say average earnings having fallen by £1,600 in real terms since 2010, the current parliament will be the first since the 1920s when real earnings will be lower at the end than they were at the beginning.
Shadow Chancellor Ed Balls is to set out how Labour would help nurture British business by maintaining the lowest rate of corporation tax in the G7 group of major industrialised nations.
At a speech in London, Mr Balls will say: "The last Labour Government left Britain with the most competitive rate of corporation tax in the G7 and we are committed to maintaining that position."
However he will also argue that a further cut in corporation tax next year is not "the right priority", instead committing Labour to a freeze on business rates that would affect 1.5 million business properties.
He will say the aim of Labour's business tax approach will be to make the UK "a great place to do business, not simply a cheap place to shift their profits".
Shadow chancellor Ed Balls said the Prime Minister's actions in Brussels this week were "catastrophe for Britain and the British national interest."
"We won't be influential in the world, unless we are influential in Europe," he told BBC One's The Andrew Marr Show.
"I've never seen a negotiation so cack-handed," Mr Balls said about David Cameron's failure to stop the appointment of Jean-Claude Juncker as the new head of the European Commission.
Mr Balls said about the Prime Minister: "He's weak, he's lost control, he's on the back foot, Britain is suffering. I think it's catastrophic for Britain."
Ed Balls said policy chief Jon Cruddas was "excited" by the party's agenda despite him claiming that Labour was stopping bold reforms in favour of "cynical nuggets of policy."
The shadow chancellor told the BBC's Andrew Marr show: "I talked to Jon a couple of days ago and he's not frustrated, he's excited about his policy agenda.
"He's frustrated by the way in which one report of 250 pages gets reduced down to one headline."
He added: "Jon Cruddas, with me and Ed and others, has been working for years on big reforms, they're going to come out in the next few months, people will see the policy review he has led has been a big deal."
Shadow chancellor Ed Balls has been issued with a summons in connection with a car crash.
The MP is facing allegations that he failed to stop after driving into another car in his constituency in April.
His office said he would not be contesting the charge, with the case due to be heard at Leeds Magistrates Court on August 5.
Mr Balls previously said that he had "no idea" he had caused any damage until he was contacted by police.
Labour's shadow chancellor Ed Balls said:
George Osborne is still failing to tackle the root cause of the housing crisis which is that we are not building enough homes to match rising demand.
Over the last few years Labour has repeatedly called for action on housing supply, but the Chancellor has failed to act.
Under this government housebuilding has reached the lowest peacetime levels since the 1920s.
You can't deal with the cost-of-living crisis and create a strong and balanced recovery without building more homes.
Shadow Chancellor Ed Balls has been told by police that he faces being charged for failing to stop after driving into another car.
Mr Balls reiterated on his blog that he "had no idea" he had damaged another vehicle during the incident in Morley, West Yorkshire, last month.
"I'd been turning our car round in a tight spot in the narrow private drive beside the Labour rooms in Morley where I park all the time," he wrote.
"Another car was parked close by and I was aware the two bumpers touched. But I had no idea any damage had been done until the police got in touch a week later."
He confirmed that, "of course I will be accepting the charge" and suggested he expected to be punished with penalty points on his licence.
A West Yorkshire Police spokesman said they were still consulting with prosecutors and no formal decision had been taken to proceed.
Police have launched an investigation into an incident in which shadow chancellor Ed Balls drove away after colliding with a parked car without telling the owner.
The Labour MP was involved in the collision in his Morley and Outwood constituency on April 5th.
Mr Balls issued a statement saying he had not realised the other car had been damaged but has now apologised to the driver.
"Until I was contacted the following Wednesday, I had no awareness at all that there had been any damage to the other car. As soon as I was made aware of what had happened, I took full responsibility for any damage caused," Mr Balls said.
"I have written to the owner of the other car to say I was terribly sorry and to reimburse the owner concerned for the necessary repair," he added.