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Incomes Down Again

Chris Leslie MP, Labour’s Shadow Treasury minister, responding to ONS figures showing household disposable income has fallen to the lowest level since the second quarter of 2005, said: 

“These figures show the harsh squeeze facing families and pensioners, which the Government’s unfair policies are making worse. While millionaires will soon get a tax cut, millions of people on middle and low incomes are paying more because of the rise in VAT and cuts in tax credits. 

“We need a temporary VAT cut now to ease the squeeze and help kick start an economy which the Chancellor has pushed into a deep and deepening recession. And George Osborne should do another u-turn and stop his unfair plan to cut the top rate of tax for the very richest while clobbering millions of pensioners with the so called granny tax.”

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