John Grieve Smith, a fellow at Robinson College, Cambridge has written in the Observer:
Cutting public services is not going to be politically popular. At the same time, there is increasing unrest about the reports of the million-pound salaries and bonuses being received by those at the top. So if Labour were to make the case for progressive tax increases, rather than expenditure cuts, to tackle the budget problem, they could win considerable public support.
He is absolutely right.
The required programmes are laid out here.