John McDonnell MP, Labour’s Shadow Chancellor, responding to reports on the spending review, said:

“The big question that the people are asking the Chancellor today is over the security of their incomes, and that if he’ll go ahead with tax credit cuts of £1,300 a year on average.

“The real test for the Tories’ spending review is whether it makes working people better off and ensuring a more balanced, prosperous economy which works for everybody. The Chancellor’s record to date is a disappointing one of cutting investment to the lowest of any developed economy, and the slowest economic recovery on record.

“Labour would close the deficit by investing in a growing productive economy, not with cuts and austerity that damage public services and growth.

“That means reversing the tax credit cuts which will destroy economic security for millions of working families, and investing now to grow the economy, with a focus on science, technology and green jobs to equip Britain for the future.

“If the Chancellor can today boast about deals with government departments and spending £4 trillion in the next five years, then why can’t he simply tell us straight that families will be secure from the £4 billion of cuts.”