Chris Leslie MP, Labour’s Shadow Chief Secretary to the Treasury, commenting on George Osborne’s speech to the Conservative Party Annual Conference, said:

“Having failed to balance the books in this Parliament George Osborne has made his choice. He is choosing to give the richest one per cent a £3 billion-a-year tax cut and opposing a mansion tax while cutting tax credits which make work pay for millions of striving families. While working people have seen their wages fall by £1600 a year since 2010, the Tories have once again shown they are the party of a privileged few at the top.

“Labour will balance the books as soon as possible in the next Parliament, but we will do so in a fairer way. We will reverse the Tory tax cut for millionaires, stop paying the winter fuel allowance to the richest five per cent of pensioners and cap child benefit rises at one per cent for two years.”