Shabana Mahmood MP, Labour’s Shadow Exchequer Secretary to the Treasury, commenting on annual tax statements, said:

“This government’s record on tax is giving millionaires a huge tax cut while everyone else pays more.

"Families and pensioners are paying more in higher VAT, but that tax isn’t part of these statements. And independent figures from the IFS show that by next year families will be £974 a year worse off because of tax and benefit changes since 2010.

“Labour’s economic plan will introduce a lower 10p starting rate of tax for 24 million people on middle and low incomes and cut business rates for small firms. We will tackle tax avoidance and introduce a mansion tax to invest in our National Health Service. And to balance the books in a fairer way we’ll reverse David Cameron’s £3 billion tax cut for the top one per cent of earners.”

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