Ed Balls MP, Labour’s Shadow Chancellor, responding to new analysis of the Government’s tax and benefit changes by Essex University and the LSE, said:

“This is a damning analysis of David Cameron and George Osborne’s record. It demolishes any last pretence that we are somehow all in this together.

"People on middle and low incomes have been made worse off by this government, while a few at the very top have been given a £3 billion a year tax cut.

"Now the Tories want to cut tax credits again for working families and won’t rule out giving millionaires another huge tax cut. Working people can’t afford another five years of this same old Tory economics.

"Ed Miliband and I are determined that Labour’s economic plan will deliver a recovery for the many, not just a few. And our plan to balance the books in a fairer way will start by reversing David Cameron’s tax cut for the top one per cent of earners.”