Three more u-turns from Chancellor George Osborne are needed, Labour will say as the Finance Bill reaches its final stages in the House of Commons today.
Labour will seek votes on amendments to the Bill in order to introduce a bankers bonus tax to fund a guaranteed job for every young person out of work for more than 12 months, stop the cut in the 50p top rate of tax for people earning over £150,000, and stop the change in age-related allowances known as the ‘granny tax’.
Ed Balls MP, Labour's Shadow Chancellor, said:
“After u-turns under pressure from Labour on petrol, pasties, caravans, churches and charities, we need three more u-turns from this increasingly embattled Chancellor.
"With Britain in a double-dip recession, long-term unemployment at a 17 year high and so borrowing now going up not down, it’s clear that the Government’s economic plan is now failing.
“That is why, first of all, we need a u-turn on David Cameron and George Osborne’s failed economic policies and to urgently put in place Labour’s plan for jobs and growth including a bankers’ bonus tax to fund youth jobs.
“Second, we need a u-turn on the tax cut for millionaires, so that in tough times the richest pay their fair share. And third, we need a u-turn on the ‘granny tax’ so that pensioners aren’t unfairly hit – paying more while the highest earners pay less.
“Labour will seek votes on all these issues in the House of Commons this week. Conservative and Liberal Democrat backbenchers should stand up for their constituents and vote with us to create jobs for young people, stop the granny tax and reverse the tax cut for millionaires.”