John McDonnell MP, Labour’s Shadow Chancellor, commenting on a report by the Resolution Foundation which shows that tax giveaways have prevented the Tories from eliminating the deficit, said:

“This report underlines Labour’s argument that the Government’s economic priorities have been wrong, and they must now urgently reconsider their determination to cut corporation tax to benefit big business.

“The size of these giveaways underlines that slashing Employment Support Allowance, Universal Credit and local council funding was unnecessary and a clear example of the Tories’ skewed priorities.

“Austerity is a political choice, not an economic necessity. Labour would instead invest for the future to deliver growth that can be shared across the country, so that nobody and no community is left behind.”