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Ed Balls calls for further bank bonuses tax plan

Labour shadow chancellor Ed Balls says his party wants to vote on a new tax on bank bonuses to fund schemes for youth jobs and new homes.

Balls says he is to table an amendment to the government’s Finance Bill that would see £2bn taken away from City bonus packages. Balls says he is trying to secure Liberal Democrat and Tory backbenchers for his package.

Writing in the News of the World, Balls warns that “Britain’s lost talent”, while Labour leader Ed Miliband has warned that the coalition government is in danger of creating a “jilted generation” of young people due to its policies on cuts and backbenchers.

Balls says that April’s fall in unemployment figures was welcome but doubted that trend would continue.

He said: “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.”

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