Owen Smith MP, Labour's Shadow Exchequer Secretary to the Treasury, responding to Nick Clegg's speech on supporting working families, said:
“Nick Clegg has got a cheek preaching about fairness and tax. This is the man who campaigned against a rise in VAT and then introduced it just after he got elected. And his government’s autumn statement took three times more from families with children than from the banks.
“For the last year Labour has been arguing for fair tax cuts, such as a temporary cut in VAT, to help hard-pressed families and pensioners and kickstart our stalled economy. And we want to see a tax on bank bonuses at the top to fund 100,000 jobs for young people. Now that the economy has gone into reverse, these measures should be part of a real plan for jobs and growth in the next Budget.”