2012 Budget: The political reaction

21 Mar 2012

Opposition politicians have been giving their responses to Chancellor George Osborne’s 2012 Budget statement, which was presented to the House of Commons today.

Branding the Chancellor’s statement a ‘millionaire’s Budget’, Labour leader Ed Miliband argued that the measures unveiled by the Chancellor would result in ‘millions of people paying more, while millionaires pay less’.

Mr Miliband highlighted the fact that despite the introduction of measures to increase the amount of tax paid by the wealthy, cutting the top rate of income tax from 50p to 45p would benefit the richest 1% of the population, who ‘need help the least’. 

‘The fairness test for this Budget was whether the Chancellor used every penny he could to help middle income families that are squeezed. He has failed that test,’ Mr Miliband commented.

Meanwhile, Shadow Chancellor Ed Balls warned that the announcements on pensions constitute a ‘hidden tax rise on pensioners’.