David Hanson MP, Labour's Shadow Treasury Minister, said in response to today's public borrowing figures for April 2011:
"This is just one month's figures so we should be cautious. But it is concerning that despite the cuts and tax rises that started to kick in last month, we saw record borrowing for the month of April.
"As we have been warning, cutting too far and too fast risks a vicious circle. Slow growth and more people out of work and on benefits will make it harder to get the deficit down. That's why the government is now forecast to borrow £46 billion more than they were expecting last autumn.
"And instead of giving the banks a tax cut this year, George Osborne should repeat the bank bonus tax to get young people back to work, build more affordable homes and support small businesses."