Balls 'would not support 50p tax if it did not raise revenue'

Shadow Chancellor Ed Balls said he would not support a 50p top rate of tax if it was not raising revenue.

He told Radio 4's Today programme:

I would rather see every tax rate come down. I'm not a high tax person, I'd rather get taxes low.

I wouldn't support a 50p tax rate if it wasn't raising revenue but the reason why it's important to have it, the reason why it was introduced first in 2008 and then 2009 was at a time when families are paying a big price for the global financial crisis it is important that we share the burden fairly.

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Top income tax rate falls to 45%

A raft of government changes to tax reform come into effect from today, including a cut in the top rate of income tax from 50p to 45p.