Chris Leslie MP, Labour's shadow Treasury minister, responding to the IFS report ahead of the autumn statement, said:
"David Cameron and George Osborne claimed their deeper spending cuts and faster tax rises would secure the recovery and balance the books by 2015. But by choking off the recovery and so borrowing rising to pay for the costs of economic failure the government's targets are now at risk.
"The Chancellor should use the autumn statement to finally set out a plan to create the jobs and growth which are vital to get the deficit down. And he must rethink his plan to give millionaires a tax cut next year while forcing millions of families and pensioners to pay more. People on low and middle incomes should not be paying the price for this government's economic failure."