Rachel Reeves responds to the Budget

Rachel Reeves MP, Labour’s Shadow Chancellor, responding to the Budget, said:

“This Budget was a chance for the government to unlock Britain’s promise and potential.

“But instead they decided to continue papering over the cracks of 13 years of economic failure.

“The only surprise was a handout for the richest 1% and their pension pots.

“Growth was downgraded in this Tory Budget, but Labour will not allow us to keep bumping along this path of managed decline.

“With our mission to secure the highest sustained growth in the G7, we will create good jobs and productivity growth across every part of our country.

“Where the government has thrown in the towel, Labour will build a better Britain.”

Ends

Notes:

• The government’s pension changes will benefit only the 1% with the biggest pension pots. In 2020-21; 8,600 pensions were subject to charges for exceeding LTA (IFS); 596,000 pensions were accessed for the first time in 20-21 (FCA).