Ed Miliband would reintroduce the 50p tax rate within weeks if he wins the General Election.
According to information gained by The Times, in addition to the change to the top income tax rate, Miliband will also demand more powers for Downing Street. These actions are among several included in a list of draft bills given to the cabinet secretary Sir Jeremy Heywood.
A Miliband-led government would reveal an emergency budget within weeks, which, in addition to reinstating the 50p rate of income tax, would remove the non-dom tax status and put fiscal responsibility into law.
Businesses would likely be split on other changes too, which could include freezes on energy prices, a ban on zero-hour contracts and more apprenticeships. Each of these changes would be a polarising topic, with zero-hour contracts a particular point of conflict between Labour and the Tories.
The changes would also strengthen Downing Street’s powers by giving the Prime Minister’s office more power over Whitehall and the Treasury.
The Conservatives will be hoping that yesterday’s strong jobs figures will give them a boost in the run up to the election, reinforcing their narrative that the economy is on course and the country should not risk turning control over to Labour.