News from Sheffield Labour

This was a Budget by millionaires, for millionaires

The government was today accused of making the wrong choices in this year’s budget.

While the increase in personal allowances will be welcomed by constituents the fact is that VAT increases have cost families an average of £450 a year, a cost which more than outweighs the benefits gained from the increase in the personal allowance. And the richest earners in the country will see a 5% cut in the level of income tax they pay, which will make many believe we aren’t all in this together.

Even worse, pensioners face a £3bn hit on their pensions over four years, with the announcement that the age related allowance is to be abolished. People who turn 65 next year will lose out by £314.00.

Commenting Angela Smith said; “This is budget by millionaires for millionaires. It’s a typical Tory budget that believe the poor will only work harder by making them poorer, and the rich will only work harder by making them richer.

“It’s a budget that will mean a family with children earning £20,000 a year will lose £253 from this April, on top of the £450 average cost of the VAT rise. Meanwhile, the 14,000 people earning more than £1m will get a tax cut of over £40,000 each year.

“What was needed was a budget for growth, a budget to get people back to work. On that the Chancellor completely fluffed his lines.

“This was the wrong budget with the wrong choices and it will be those in the middle, and those on low pay, who will pay for the millionaires’ tax breaks.”

Other news from Sheffield Labour

• Angela Smith MP creates buzz about bee decline - 31 January 2013
• Commons votes for Polling Stations to remain open after 10pm - 29 January 2013
• Paul Blomfield MP challenges the Chancellor on his unfair cuts - 29 January 2013