With today being George Osborne’s fourth budget, John Denham MP has called for action now to kickstart our economy, create jobs and support businesses.
Mr Denham, Labour MP for Southampton Itchen, has joined Labour’s calls for George Osborne to bring forward long-term infrastructure investment in schools, transport and roads, temporarily reverse the VAT rise, and to get more people back to work (which will reduce the benefit bill).
More urgently, Mr Denham believes George Osborne should immediately cancel the tax cuts for millionaire, which is due to come into place at the beginning of April. It cannot be right that millions are being forced to pay more for this government’s economic failure – and through cuts to tax credits, child benefit, maternity pay and the bedroom tax – while millionaires get an average £100,000 tax cut.
George Osborne, the Tory Chancellor of the Exchequer, has a record of failure: failure on growth, failure on living standards and failure on his own tests on the deficit and debt. The government is already borrowing more to pay for the costs of their economic failure.
Mr Denham said:
“Firstly, the Tory-led Government must listen to everyone who is outraged about the tax cut for millionaires. It’s not right that hard-working families pay the price of this government’s failure.
“Labour has been clear: without growth we cannot get the deficit down. When confidence is crushed, businesses go bust, long-term unemployment soars, the Government gets less from tax revenues and the benefits bill goes up. Our economy is flat-lining, prices are rising faster than wages, the deficit is going up and even our triple-A credit rating has been lost.
“Sometimes the Budget can sound complicated, but my message is clear. I want to see more action now to get our economy growing.”