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Labour not kicking the rich: Balls

Sam Lister

Ed Balls has insisted Labour is not anti-business, as a former Labour minister accused the party of choosing to "kick" Britain's wealth creators in a row over the 50% tax.

Lord Digby Jones said he expected the Shadow Chancellor to increase the top rate of tax to 55% or even 60% in government – something Mr Balls has denied.

Business figures have continued to criticise the plans with the head of the London Stock Exchange Group, Xavier Rolet, the latest to raise concerns.

"There are worries that increasing the taxation, reversing if you want, the measures taken in the last few years, could impact not only foreign but also domestic investments," he told Sky News.

But Mr Balls told the BBC: "This is not an anti-business agenda but it's an anti-business as usual agenda."

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