Miliband: Labour will reinstate 50p tax rate

The coalition government reduced the income tax rate for the highest earners from 50p to 45p at the last Budget. The measure will come in next April. But Miliband said the move was a gift to "millionaires" in an interview on BBC One's Andrew Marr Show. "Next April, David Cameron will be writing a cheque to each and every millionaire in Britain for £40,000. "If I was in government tomorrow one change I would make in relation to the better off - first change in a Labour budget - we wouldn't be cutting the top rate of income tax from 50 to 45p. If there was an election tomorrow that i...