Rachel Reeves MP, Labour's Shadow Chief Secretary to the Treasury, responding to the IFS Green Budget today, said:
“The IFS report shows how badly the Government's plan has failed. By choking off the recovery the Chancellor is now borrowing billions more than he planned as the costs of economic failure mount.
“The IFS also confirms that changes this April – including a tax giveaway to millionaires while tax credits are cut for millions of working families – are regressive and will see the richest tenth gain most while the bottom 50 per cent lose.
“This kind of trickle-down economics just isn’t going to work. After two and a half years of stagnation it's time we finally had a plan for jobs and growth to kick-start this flatlining economy. The longer this economic failure continues the longer families and businesses will pay the price."