The Conservatives’ response to the recession is to promise a new "age of austerity". But Pendle MP, Gordon Prentice, wants David Cameron to spell out who exactly will be expected to live this life of austerity. People in Pendle? People on modest incomes?

The Pendle MP told crowds at the traditional May Day rally at Townley Park in Burnley that the global recession would hit people hard but "those with the broadest backs have to carry the heaviest burden".

"Instead of an age of austerity I want a new age of fairness."

The MP backed moves to raise the top rate of tax to 50p in the £ for those earning over £150,000.

Prentice said: "The tax system is far too flat. Those earning £38,000 pay the same 40p top rate of tax as someone on £380,000. We need a much more progressive system of taxation and a crackdown on tax havens."

The MP added: "The purpose of banks is not to enrich bankers. It is to make credit available to lubricate the economy and to keep it working."

The MP repeated his call for Sir Fred Goodwin to be stripped of the knighthood he was awarded in 2004 "for services to banking". He also called for action to claw back most of his £700,000 annual pension.

The MP pointed to public investment in Pendle since 1997, comparing it with spending over the previous Conservative years.

"Two brand new schools, health centres, sure start centres. Public money into private sector housing."

"Draw up a list with two columns and you’ll soon see which is longest."