Ed Miliband has dismissed the letter signed by 24 UK business leaders criticising Labour's 50p tax plan, which suggests the tax hike will threaten the recovery.
The leader of the Labour party claimed the 50p tax rate did not stop businesses investing when the higher rate was previously in place for three years (from 2010, when the Labour party created the 50% tax band for anyone earning £150,000 and above).
Ed Mili rubbishes letter from 24 business leaders: 50p was in place for 3 years, I dont believe it was stopping businesses investing
EdMili goes on: I don't believe 50p rate acted as a dissincentive & business wants deficit to come down - revenue gotta come from somewhere
Asked about claims from business leaders that #50ptax rate will jeopardise the recovery Ed Mili says: "Of course some people won't like it"
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.