Good morning, Madam Deputy Speaker.
When one cuts through the rhetoric and the headlines that the Chancellor spun, one sees that yesterday’s Budget leaves working people worse off. It is the working families of Britain on low incomes, trying their hardest to do the right thing, who will pay the price for the gap between what the Chancellor said and the truth of what his Budget actually means. The Office for Budget Responsibility has flatly contradicted the right hon. Gentleman’s claim to have lowered taxes, pointing out on the first page of its analysis that tax increases are twice as big any tax cuts over the course of this Parliament. It is a Budget that is entirely concerned with chasing headlines to further the Chancellor’s well known political ambitions, rather than putting the working people of Britain first.
Pulling the rug from under people on low incomes with a hefty work penalty in the tax credits system— 3.3 million working families will lose out from these changes, with 500,000 families losing tax credits entirely—despite Tory denials before the election, will hurt those in work.