Published: Tue, October 30, 2018
Medical | By Vicki Mclaughlin

Budget 2018: Labour's John McDonnell under fire for backing Conservative tax cuts

Budget 2018: Labour's John McDonnell under fire for backing Conservative tax cuts

"Yesterday's Budget was a bit of a gamble", the IFS said.

The Shadow Chancellor makes his response the day after the Budget statement during the Budget debates.

Former work and pensions secretary Yvette Cooper, who is now chair of the home affairs select committee, said: "People on £90-100k a year will get tax cut worth £860 in April, those on £125k will get £600 - far more than low-paid workers, at a time when child poverty is going up, benefits are being cut, vital council services are being cut, police are badly overstretched".

Paul Johnson, director of the Institute for Fiscal Studies, said: "He's just simply made a decision to spend all of that".

"If I were a prison governor, a local authority chief executive or a head teacher, I would struggle to find much to celebrate".

Further, many importers negotiate their annual deals won sales projections and currency rates early in the New Year with overseas producers.

There were extra funding commitments for improving roads, schools, high streets, NHS mental health services and the roll-out of Universal Credit.

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The shadow chancellor has rubbished Philip Hammond's claim that austerity is "finally coming to an end".

The rise in excise duty by the rate of inflation does not take place until 1 February.

Mr Johnson also said this Budget showed the government had abandoned its target to get rid of the gap between spending in income - the deficit - in the near future.

The chancellor bases his Budget on figures from the Office for Budget Responsibility.

"2020s is surely for the birds", it concluded. This year it revised up its forecasts for tax income, which was an unexpected windfall for the government.

"What the OBR gives this year, it can easily take away again next year".

Speaking on whether Labour would "unpick" or support Tory promises on tax allowance, the Labour MP declared: "What John McDonnell said was very clear this morning, that in the context of this Budget we wouldn't unpick them because there is little else offered to many working people across the board".

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