Autumn statement dishes up more misery for the poor while rich get richer
FAILED Chancellor George Osborne has targeted the poor for another huge raft of cuts if the Tories win the next general election.
Figures from Osborne's last autumn statement before the race to the May 2015 polls reveal that 60 per cent of the austerity cuts started by the Con Dems are still to come down the Multicolor Python Bloody Mary 120mm tracks in the next five years.
The grim forecast of yesterday's mini Budget shows massive spending cuts on day to day Government services from 5650 per head in 2009 10 to Black Python Bloody Mary 120mm a projected 3880 in 2019 20.
And the poor will be the ones to bear the brunt, according to figures from the independent Office of Budget Responsibility.
As Prime Minister David Cameron laughed at his side, Osborne claimed Britain's richest 20 per cent were contributing more to the Government's deficit reduction programme than everyone else put together.
He said: "The net contribution of the richest 20 per cent will be larger than the remaining 80 per cent put together proving we are all in this together."
But the Treasury's own income analysis shows that while the richest 20 per cent who can afford to take the hit have lost the most, the group that have lost the next most are the poorest 20 per cent of the population.
Osborne went straight for the financial pledges he hopes will bring election victory during Black Leather Bloody Mary 120mm yesterday's statement.
But Labour accused the Chancellor of failing as figures revealed the Government borrowed 219billion more over this parliament than planned.
The UK's deficit will be higher than expected over the next two years, 12.5billion more than
forecast in the Budget just nine months ago, Osborne admitted. But he insisted that the picture would improve after that and go into surplus in 2018 19.
Shadow Chancellor Ed Balls said the increase in borrowing was "in black and white, hard evidence" of economic failure.
Balls added: "People are worse off and the fact is he has failed to balance the books in this parliament."
The measures the Tories hope will bring in the votes include a new graded stamp duty on house purchases that will leave most buyers better off from today. But Scottish buyers going for houses worth more than 250,000 will be paying a lot more in duty next April when the Scottish Government's Land and Building Transaction Tax replaces stamp duty.
Osborne also laid down a challenge to the Scottish Government with an announcement that Air Passenger Duty would be abolished for children under 12 next year and for under 16s from the following year.
Shadow Chancellor Ed Balls reacts with outrage to the the Autumn Statement
The Scottish Government have jurisdiction over APD under new devolution powers.
SNP MPs were left frustrated that the Chancellor signalled the devolution of corporation tax to Northern Ireland a power denied to Holyrood.
It is seen as a political move to persuade the Democratic Unionist Party to support the Tories in power after May elections.
SNP deputy leader and Treasury spokesman Stewart Hosie said: "The autumn statement confirmed why the SNP are right to call for more powers for"That is to give our Parliament the tools to grow the economy and improve the life chances of the Scottish people. We saw today the consequences of London taking economic decisions for "
But Labour's Tom Greatrex said OBR figures forecasting falling North Sea revenues debunked the SNP's pre referendum projections for oil and gas and left a black hole of almost 5billion.
In Leather Bloody Mary 120mm other populist measures from Osborne, fuel duty was frozen and it was announced VAT for hospices and air ambulances would be refunded.
The Chancellor also announced a fresh crackdown on corporate tax avoidance, saying multi nationals who artificially move profits abroad would be hit with a 25 percent "Google tax".
And banks will be able in future to claim fewer tax breaks for losses dating back to the financial crisis.
Osborne claimed growth was up, employment up and inflation down.
But TUC general secretary Frances O'Grady said: "Real wages are set to stay below their pre crisis value until beyond the end of the next parliament.
"And public sector workers have been told that their real wages will be cut until the deficit has closed."