By the end of 2015-16, we will have taken £120 billion of difficult decisions on spending and tax to reduce the deficit. The best-off in society have contributed the biggest share – indeed the top 20 per cent have contributed more than the other four fifths combined. Over the two years that follow, around £30 billion of further deficit reduction will be needed. It is essential that this includes some tax rises to make sure the wealthy make a contribution. To focus solely on spending cuts is wrong, unfair, and would put unnecessary pressure on public services and people on low incomes.