MILLIONAIRES’ TAX CUT SLAMMED as millions more lose tax credits

Millionaires TaxDenton and Reddish MP Andrew Gwynne has joined Shadow Chancellor, Ed Balls to highlight the fact that, in just under a week, 13,000 millionaires will get a tax cut from this Tory-led Government. This will be on the same day that millions of working families have their tax credits cut, millionaires will receive a giveaway worth on average £100,000.

This is why Labour has launched its campaign to highlight the unfair choices David Cameron, George Osborne and Nick Clegg have made following their economic failure.

Ed Balls, Shadow Chancellor said:

“Recently we found out that the Government has even failed on its own test – keeping Britain’s AAA credit rating. But struggling families and businesses don’t need a credit rating agency to tell them this Government’s economic plan isn’t working. This month’s Budget is their last chance to put things right.”

Andrew Gwynne MP said

“The longer our economy stagnates, the more long-term damage will be done, the harder it will be to get the deficit down and the worse off people will be. And with our economy flat lining it cannot be right to give millionaires a tax cut while making working families pay more.”

In the budget Labour would: 

* cancel the tax cut for millionaires and the raid on tax credits for working families;
* bring back a lower 10p starting rate of tax to give 25 million people on middle and low incomes a tax cut, paid for by a mansion tax on houses over £2 million;
* and take action to kick-start this flatling economy by bringing forward infrastructure investment, building thousands of affordable homes and boosting lending to small businesses.


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