Chris Leslie MP, Labour’s Shadow Chief Secretary to the Treasury, responding to the Institute for Fiscal Studies briefing note “The Coalition Government’s Record on Tax”, said:

“For all George Osborne’s claims this damning report exposes the truth about his record.

“The Tories have raised taxes by over £16 billion and the biggest tax rise of all was their VAT hike, which broke their pre-election promise and hit working families and pensioners hard. Yet David Cameron and George Osborne gave millionaires a huge tax cut by cutting the top rate of tax.

“No pre-election tax cut can mask the £1,127 a year which the IFS has said households have lost on average because of tax and benefit changes since 2010. This Chancellor gives with one hand, but takes away much more with the other.

“Labour’s better plan will cut taxes for 24 million working people through a lower 10p starting rate of tax and reverse the Tory tax cut for millionaires. We’ll also cut business rates for small firms and raise an extra £2.5 billion for our NHS through closing tax loopholes and a mansion tax on properties over £2 million.”