Balls: Budget is a 'big failure'
The shadow chancellor has said that the chancellor's is "gambling" on cutting the 50p top rate of tax and called the Budget a "big failure".
Reacting to yesterday's announcements, Ed Balls told the Today programme's Justin Webb that measures in this Budget have to be taken alongside new measures announced in previous budgets that are being introduced in April such as a freeze on tax credit and taking away child benefit.
He said that Labour estimated that after April a family on £20,000 would be £253 worse off than they are today, whereas taxpayers earning more than £150,000 will be better off by around £10,000.
"People knew there had to be tax rises and spending cuts, "he said, but added that the cumulative effect means that pensioners are being hit and families earning £17,000 are "massively worse off". #bbcbudget #budget #edballsmp #justinonweb