Chris Leslie MP, Labour’s Shadow Chief Secretary to the Treasury, responding to Danny Alexander’s announcement on tax, said:

“Nobody will trust what the Lib Dems say after they broke their promises on tax by raising VAT on families while giving millionaires a huge tax cut.

"Labour will introduce a tax on bank bonuses to pay for a jobs programme for young people. We’ll reverse this government’s £3 billion a year tax cut for the top one per cent of earners to help get the deficit down fairly.

"And we’ll increase the bank levy, which has raised over £2 billion less than the government promised, to pay for more free childcare for working parents.

"The Lib Dems have joined the Tories in opposing all these fair policies.”