Labour analysis of new research by the independent Institute for Fiscal Studies claims that families in Britain will be on average £891 worse off in the new tax year.
The party claims that having taken into account changes made to tax credits and benefits since 2010, each household in the UK will be on average £17 a week worse off in the 2013/2014 financial year.
– Ed Balls MP, Shadow Chancellor
These shocking figures show the huge hit millions of families are facing at the very same time as David Cameron and George Osborne are giving millionaires an average £100,000 tax cut.
On average families will be £891 worse off this year because of changes introduced since 2010. All this comes at a time when a flat lining economy has seen prices rise faster than wages and unemployment rise again this month.