Centering his speech on the theme of ‘one nation’ government, he rebuked the government for cutting the top rate at a time when borrowing was still increasing.
Miliband framed the axing of the 50p income tax rate as a “gift to millionaires”, returning to suggestions from earlier in the conference that the rate will be reintroduced.
“Next April, David Cameron will be writing a cheque for £40,000 to every millionaire in Britain…that is more than the average person earns in a whole year. At the same time as they’re imposing a tax on pensioners next April,” he said.
“I would never cut taxes for millionaires and raise them on ordinary families. That is wrong, that is not being one nation. I would never accept an economy where the gap between rich and poor grows wider and wider.”
In his speech, he also issued a warning to banks to split up their retail and investment arms, “or we will break you up by law”.
Meanwhile, in one of the few new policy announcements, Miliband announced the party would seek to end quarterly reporting for companies, which would help to encourage longer-term thinking and businesses that are “producers” rather than “predators.
In his strongest broadside against the coalition government and David Cameron, Miliband asked: “Have you ever seen a more incompetent, back-of-the-envelope, miserable shower than this Prime Minister or this government?”
