John McDonnell MP, Labour’s Shadow Chancellor, in a statement on Labour’s position on the fiscal charter, said:

“As the nature and scale of the cuts Osborne is planning are emerging there is a growing reaction not just in our communities but even within the Conservative Party. The divisions over the cuts in tax credits to working families are just the first example of what we can expect as the cuts in other departments are exposed and the failure to find additional resources to bridge the growing expenditure gap in service areas like the NHS is revealed.

“We will underline our position as an anti-austerity party by voting against the charter on Wednesday.

“And Labour will set out our plan for tackling the deficit not through punishing the most vulnerable and decimating our public services but by ending the unfair tax cuts to the wealthy, tackling tax evasion and investing for growth.”