Following the Budget Statement from the Chancellor George Osborne MP today, Rushanara Ali MP said "this government's economic policies have failed - today was an opportunity for them to finally acknowledge this and deliver a budget that would really help those who need it most. Instead the Chancellor has delivered tax breaks for the very richest and yet again hit hard-working families, young people and poor children the hardest.
As an MP for a constituency with some of the highest rates of child poverty in the country with 51% of children in Bethnal Green and Bow live in poverty, I'm appalled that the government is doing nothing to help low-income families who are set to lose £253 a year in addition to a VAT increase that will cost them £450 a year. The slight increase in the personal tax allowance is not going to be substantial enough to offset this. Its a case of giving with one hand and taking with another.
One million young people are currently out of work. In Bethnal Green and Bow this is just getting worse with long-term youth unemployment almost doubling in the last year. This Budget doesn't look set to do anything to change that and provide the jobs our young people so desperately want.
Our economy has stalled and this government needs to take responsibility for their failed plans and give us a Budget for jobs and growth. What this Budget has done is make life harder for people across the country, people like those in my constituency who are already feeling the impact of the cuts and the failing economy."