Labour Party Conference 2014

9th September 2014

Ed Balls has said he will increase the minimum wage and the top rate of income tax and extend child benefit curbs in his first Budget if Labour wins power.

The shadow chancellor told Labour’s conference the party had “more work to do” to persuade people it can deliver the change he said people wanted.

He said he would act swiftly after the election to reverse housing benefit cuts and boost jobs for young people.

Anticipating his first Budget, which he would be expected to deliver in the summer of 2015 if Labour was elected, Mr Balls said his priorities would be:

  • A rise in minimum wage
  • A cut in business rates
  • A mansion tax on properties worth over £2m
  • A 20-month freeze in energy bills
  • A Jobs guarantee for young people
  • A 50p top rate of income tax
  • Scrapping the “bedroom tax”
  • Extending the 1% cap on child benefit rises to 2017
  • Mr Balls said Labour was serious about “balancing the books” in the next Parliament and would not “make any promises it cannot keep or afford”.