Barbara Keeley MP has attacked George Osborne’s budget for making pensioners pay for tax cuts for millionaires and others earning enough to pay the highest rate of tax.
There was also no relief for hard-working families who will lose working tax credits on April 1st. Five hundred working families in Salford will lose up to £3,870 if they cannot increase their working hours, a difficult task with unemployment being so high locally.
Barbara said the Conservative-led Government’s Budget also did too little to stimulate growth and jobs in Salford or the North West.
“The government are handing a tax cut of £10,000 to 300,000 higher rate tax payers, with 14,000 millionaires getting £40,000 back from the Government.
“To pay for this, the budget has a stealth tax of £3 billion on pensioners over the next four years. People who turn 65 next year will lose out by £314. A family with children earning just £20,000 will lose £253 a year from April, on top of the VAT rise which is costing families an average of £450 per year.
“Labour has different priorities and we would have had a budget for jobs and growth. The Conservative- led Government is borrowing almost £150 billion more than planned because it has cut too far and too fast and the economy has stalled. Now hard-working families and pensioners will have to pay for the Chancellor’s tax cut for the most well-off. This is a millionaires’ budget paid for those on lower or middle incomes.”