Balls, who is under pressure to improve his party's economic credibility, said one way Labour would help to achieve this was by reintroducing a top tax rate of 50 pence in the pound for anyone earning 150,000 pounds or more a year.
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"The next Labour government will balance the books and deliver a surplus on the current budget and falling national debt in the next parliament," Balls said in a speech to the Fabian Society in central London on Saturday.
"Reversing this unfair tax cut for the richest 1 percent of people in the country is necessary so we can cut the deficit in a fair way in the next parliament."
The last Labour government raised the upper tax rate to 50 percent from 40 percent in 2010 but the Conservative-led coalition government cut this to 45 percent in 2013, arguing it was the highest in the G20 and hurt Britain's competitiveness.
But Balls said figures showed people paid almost 10 billion pounds more in tax in the three years when the 50 pence top rate was in place.
Deficit and debt targets
Labour leads the ruling Conservatives in opinion polls but the public consistently says it trusts Prime Minister David Cameron's Conservatives more on the economy, a verdict the left-leaning party is struggling to reverse at a time when economists are predicting Britain's economic recovery will pick up pace.
(Read more: Gloves off: Summers vs. Osborne)
Cameron repeatedly reminds voters that the last 1997-2010 Labour government left Britain with a budget deficit equivalent to 11 percent of gross domestic product, the country's biggest peacetime deficit. In March 2013 it was 7.3 percent of GDP.
Labour says its plans were blown off course by the 2007/8 global financial crisis and it can deliver "iron discipline" if re-elected with a credible commitment to eliminate the deficit.