Ed Balls: Labour will scrap tax relief for wealthiest pensioners

Currently top-rate taxpayers receive 20% tax relief, and can claim back up to a further 25% through their tax return. With top-rate tax relief, a £10,000 contribution could effectively cost as little as £5,500. However Balls (pictured) told delegates this morning at the party's conference in Brighton that his party would restrict the relief. He added that Labour would hit the banking industry with an additional levy of £800m. The two moves would go to fund a compulsory jobs guarantee for the young and for the long-term unemployed, and an increase in the free childcare allowance from 1...