Rachel Reeves MP, Labour’s Shadow Chief Secretary to the Treasury, commenting on IFS analysis of the autumn statement, said:
“The IFS has exposed who is paying the price for George Osborne’s economic failure.
“Their figures show that middle and low earners lost out from the Autumn Statement, with the poorest 40 per cent losing more than the richest tenth.
“Families with children were hit the hardest of all, with a one earner couple with children losing £534 a year on average by the end of the Parliament. Despite the Chancellor’s claims to be focusing on scroungers, it is actually striving working families who are being targeted.
“The reason why there is a big hole in George Osborne’s plan is that his reckless policies choked off the recovery and have pushed up long-term unemployment. That is why David Cameron’s promise to balance the books by 2015 has been broken.”