Ahead of the new tax year on Monday, Labour say they are highlighting the figures from the independent Institute for Fiscal Studies (IFS) which they say show 'the true cost' in 2015/16 of the Tory-led Coalition tax and benefit changes.
Labour say the figures take into account all of the changes introduced by David Cameron’s government from May 2010 to May 2015 - including the rise in VAT, cuts to tax credits for working families and changes to the personal allowance which take effect next week. New figures today also show how working families with children will have been hit hardest as a result of Tory tax and benefit changes:
Launching the poster during a campaign visit in West Yorkshire, Labour’s economic spokesman Ed Balls is expected to say: "Families will be £1100 a year worse off on average because of this Tory Chancellor’s choices. George Osborne and David Cameron have raised VAT and cut the tax credits of working people, but given millionaires a huge tax cut. And our new figures today show how families with children have been hit hardest of all."
Labour say the figures take into account all of the changes introduced by David Cameron’s government from May 2010 to May 2015 - including the rise in VAT, cuts to tax credits for working families and changes to the personal allowance which take effect next week. New figures today also show how working families with children will have been hit hardest as a result of Tory tax and benefit changes:
- A two earner couple with two children on average earnings will be £1,700 worse off in 2015/16
- A two earner couple with two children working on the national minimum wage will be £1,500 worse off in 2015/16
- And a lone parent with two children working 25 hours a week on the national minimum wage will be £1,800 worse off in 2015/16
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| Labour campaign poster |
Launching the poster during a campaign visit in West Yorkshire, Labour’s economic spokesman Ed Balls is expected to say: "Families will be £1100 a year worse off on average because of this Tory Chancellor’s choices. George Osborne and David Cameron have raised VAT and cut the tax credits of working people, but given millionaires a huge tax cut. And our new figures today show how families with children have been hit hardest of all."
Turning to what the Labour alternative offer Mr Balls is expected to say: "Labour’s better plan will make fairer choices, put working people first and save our NHS. We will cut taxes for 24 million working people through a lower 10p starting rate of tax and expand free childcare for working parents to 25 hours a week. We will reverse the £3 billion a year Tory tax cut for people earning over £150,000 and introduce a Mansion Tax to help rescue our NHS. And we will take further action to help working families by raising the minimum wage to £8, freezing energy bills and banning exploitative zero-hours contracts."
"Because it’s only when working people succeed that Britain succeeds." Ed Balls is expected to add.
"Because it’s only when working people succeed that Britain succeeds." Ed Balls is expected to add.
