Labour will abolish winter fuel allowance for wealthy pensioners, scrap the shares-for-rights scheme and reverse tax cuts for hedge funds, the shadow chancellor is expected to announce later today.
In his party conference speech, Ed Balls will also insist any proceeds from the sale of nationalised banks Lloyds and Royal Bank of Scotland are pumped into paying off the national debt.
– Shadow Chancellor Ed Balls
So conference, at a time when the public services that pensioners rely on are under such pressure, we cannot continue paying the winter fuel allowance to the richest 5% of pensioners.
And a fairer approach to deficit reduction means we will crack down on tax avoidance, scrap the shares-for-rights scheme and reverse the tax cut for hedge funds.
And we will insist that all the proceeds from the sale of our stakes in Lloyds and RBS are used not for a one-off pre-election tax give-away - but instead every penny of profit used to repay the national debt.