Labour Conference 2011: Balls calls for second bank bonus tax

Shadow Chancellor Ed Balls has demanded five immediate steps to avert further financial turmoil.

Addressing the party conference in Liverpool, Balls criticised the government for cutting too much spending too quickly and "choking off the recovery". Balls demanded the government repeats the tax on banking bonuses and uses the money raised to create 100,000 jobs and build 25,000 affordable houses. He said the government should bring forward plans to invest in long term projects such as roads, schools and public transport. The government must also temporarily reverse January's VAT rise to boost retail revenues by stimulating demand, Balls said. VAT should also be cut by 5% on ...