Ed Miliband ripped apart George Osborne’s MP Budget this afternoon in which he claimed the ‘downgraded chancellor’s harsh medicine was resulting in no progress.
The Labour party leader called Osborne’s fiscal strategy a “failing economic plan from a failing chancellor” and claimed he had failed to make any progress in three years in office.
Miliband said: “Three years on what does he say? Exactly what he said three years ago. We still need four more years of pain, tax rises and spending cuts. After all the misery, all the harsh medicine, it’s been three years with no progress. Deal broken. Same Old Tories. All he offers is more of the same.
“It is like they do believe their own propaganda. We have heard all of the excuses, the snow, the royal wedding, the eurozone, the jubilee and now they are turning on each other.
“The whole country can see what is going on. The blame game has begun in the cabinet. The chancellor is lashed to the mast not because of his judgement but because of his pride.
“Why does he stay in the job? Because he is the prime minister’s last line of defence. The Bullingdon boys are really in this together. He doesn’t understand you need a Budget made for the many, not just those at the top.
“What is the policy they are absolutely committed to? The top rate tax cut. John the banker has had a tough year. He made £1m. What does he get? A tax cut of £42,500 next year. His colleague, George has done a little better – £5 million a year. He gets a tax cut of nearly £250,000.”
Miliband called on the prime minister to nod his head if he was benefiting from the Chancellor’s tax cuts.
He said: “He’s getting embarrassed now. Nod your head if you are getting the 50p tax rate. I’m not getting the 50p tax rate. I’m asking whether the prime minister is.
“Let transparency win the day, he said. What about the rest of the cabinet – are they getting the 50p tax rate? Hands up if you’re not.”