Labour plans to seek a Commons vote on imposing a new £2 billion tax on bank bonuses to pay for a youth jobs scheme and fund thousands of new homes, Ed Balls said.
The Shadow Chancellor used an article in the News of the World to warn that "Britain's Lost Talent" and promote Opposition plans for a fresh assault on generous City packages.
He is to table an amendment to the Government's Finance Bill later this month in a bid to secure the backing of Liberal Democrat and Tory backbenchers for the package.
"Millions of us watched some exceptionally talented young people on the TV in last night's final of Britain's Got Talent," he wrote.
"They've worked hard - but they also got the chance to shine.
"But with one in five young people now looking for work - that's almost one million - 'Britain's Lost Talent' looks a better label for where our country could be headed."
He said a fall in the youth unemployment numbers last month was "welcome" but questioned whether the trend would continue.
"We need to act now to stop another lost generation of young people - like in the 1980s when youth unemployment rose for four years after the recession was over.
"That's why we need another fair tax on bank bonuses to get people off the dole and into work. It's the best way to get the deficit down - and stop Britain's talent going to waste."