Monday, 4 March 2013

Labour launches fairer taxes

In six weeks, on the same day that millions of working families have their tax credits cut, 13,000 millionaires will receive a giveaway worth on average £100,000.

I’m joining Ed Balls and Ed Miliband this week in launching Labour’s new campaign to highlight the unfair choices David Cameron, George Osborne and Nick Clegg have made.

Earlier this week we found out that the Government have even failed on their own test – keeping Britain’s AAA credit rating. But struggling families and businesses don’t need a credit rating agency to tell them this Government’s economic plan isn’t working. The longer our economy stagnates, the more long-term damage will be done, the harder it will be to get the deficit down and the worse off people will be.

When our economy is flat-lining thanks to this Government’s failure, it cannot be right to give millionaires a tax cut while making working families pay more.

Ed Miliband is putting Labour where it should always have been, on the side of working people and families – with an economic recovery built by the many, not just a few at the top. The millionaire’s tax cut is not only unfair, it’s the sort of ‘trickle down’ economics that simply doesn’t work.

A One Nation Labour government would cancel David Cameron’s millionaires’ tax cut, and make the tax system fairer by introducing a mansion tax mansions and reintroducing a 10p tax rate to help working families.

Labour’s One Nation Budget would: cancel the tax cut for millionaires and the raid on tax credits for working families; bring back a lower 10p starting rate of tax to give 25 million people on middle and low incomes a tax cut, paid for by a mansion tax on houses over £2 million; and kick-start our flatling economy by bringing forward infrastructure investment, building thousands of affordable homes and boosting lending to small businesses.


George Osborne was summoned to Parliament this week to account for himself following Britain's credit rating downgrade. Losing the AAA was all the more humiliating as keeping it safe was the Tories’ main test for success or failure on the economy.

Struggling families, pensioners and businesses in this constituency didn't need a credit ratings agency to tell them that Government’s economic plan isn’t working.

Prices are rising faster than wages, nearly one million young people are out of work and our flat-lining economy means the deficit is going up not down. The Government is borrowing a staggering £212 billion more than planned- more than Labour's balanced plan would have required.

We desperately need a change of course and an economic plan that works.

We simply can't afford another two years of no growth, no jobs and living standards which for most of us are going through the floor.