Ed Balls MP, Labour’s Shadow Chancellor, speaking ahead of the Budget, said:

“This Budget cannot hide the fact that after five years of the Tories working families are worse off and our NHS is going backwards.

“And the Tories are planning more extreme spending cuts after the election, which go way beyond balancing the books and will put our NHS at risk.

“George Osborne gives with one hand, but takes away much more with the other hand. The IFS says his tax and benefit changes since 2010, including the big VAT rise, have cost families on average £1127 a year. No pre-election tax cut can make up for that.  

“We need a better plan and a Labour Budget which puts working families first and saves our NHS. We’ll raise the minimum wage to £8 an hour, cut taxes for working people with a lower 10p starting rate of tax and reduce business rates for small firms. And we’ll balance the books in a fair way by reversing the Tories’ tax cut for millionaires.”