Catherine McKinnell MP, Labour’s Shadow Treasury Minister, responding to the survey from the government-backed Money Advice Service on the rising cost of living, said:
"While George Osborne makes out of touch claims that people are better off these figures expose the cost of living crisis Britain's families are actually facing.
"This Government's failed economic policies mean prices are rising much faster than wages. And their unfair choices have seen hard working people hit hard while millionaires get a huge tax cut.
"Labour would help families on middle and low incomes with a lower 10p starting rate of tax, paid for by a mansion tax, and take action to tackle soaring rail fares and energy prices."