Ed Balls: High earners tax cut 'not a priority'

Twenty leading economists have urged the government to drop the top 50p tax rate for high earners, which they say is doing "lasting damage" to the UK economy.

Chancellor George Osborne has said the 50p rate on earnings over £150,000 - introduced by Labour - is only a temporary measure.

But Shadow Chancellor Ed Balls rejected the idea to axe the 50p tax rate and said high income earners should not be a priority for the government.