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Wednesday 13th February 2013 | 13:17
Labour press release
Ed Balls MP, Labour's Shadow Chancellor, responding to the Bank of England's quarterly inflation report and ONS figures on real earnings, said:
"As the economy bumps along the bottom and prices continue to rise faster than wages millions of people on middle and low incomes face seeing their living standards fall further over the coming years.
"This Government's failing economic policies and unfair choices are making people worse off and causing long-term damage. Our flatlining economy means wages and living standards are being squeezed and Ministers are piling on top of that cuts to tax credits and child benefit while giving millionaires an average £100,000 tax cut in April.
"By clinging on to their failing plan and making such unfair choices David Cameron and George Osborne have shown they are totally out of touch with millions of working people. They should cancel their £3 billion tax cut for the very richest, act now to kick-start our economy and help those on modest incomes who are feeling the squeeze."