Local MPs, John Cryer and Mike Gapes, have hit out at the Budget where millions are asked to pay more while millionaires pay less.
Commenting on this week's budget, John said
The government promised change, but things have got worse not better. Their policies have failed on jobs, growth and the deficit. 14,000 people earning £1 million or more are getting a tax cut of over £40,000 each year. There are thousands taxpayers in Leyton and Wanstead. This policy will do absolutely nothing for 99 per cent of them.
And this Budget includes a £3 billion tax raid on pensioners over the next four years. The freeze in the personal allowance for pensioners will see thousands pay income tax losing an average of £75 per year next April. People who turn 65 next year will lose out by £314
There are 300,000 people benefiting each and every year from the Chancellor’s top rate tax cut. But there are just 4,000 houses sold each year for more than £2 million. So 99% of those who gain from his tax cut for the richest will be totally unaffected by his rise in stamp duty, and get a massive windfall from this Chancellor.
Speaking after the buget, Labour Party leader Ed Miliband said,
This is an unfair Budget from an out of touch Government.
We’re going to fight all the way against these changes. We’re going to fight against the cut in the top rate of income tax because I think it is wrong to be giving a tax cut to millionaires of £40,000 at the same time as you’re hitting hard pressed pensioners. We’re going to be fighting against this stealth tax and this terrible attack on Britain’s pensioners.
The debate about a Budget that cut taxes for millionaires and raises taxes for Britain’s pensioners has only just started. We are going to expose what the Government is doing, and I urge MPs from all parties in the House of Commons to consider if this is really fair.