Meacher’s tax swipe against Osborne

Oldham West and Royton MP Michael Meacher has accused Chancellor George Osborne of sharing the view of a New York heiress that “taxes are only for the little people”.

Mr Meacher said the richest 1,000 people in the country have increased their wealth by £155 billion in the past three years — enough to pay off the entire UK budget deficit and leave £30 billion “to keep the wolf from the door”.

Mr Meacher said: “This is truly a government of the rich, by the rich and for the rich.

“George Osborne seems to share the notorious view of the New York heiress, Leonora Helmsley, taxes are only for the little people.”

The Labour MP joined criticism over the cutting of the 50p tax rate to 45p.

“That measure alone gave 40,000 UK millionaires an extra average £14,000 a week, at the same time as those on very low incomes were being deprived of £77 a week, around a third of their income, through their tax credits being withdrawn,” he said.

The criticism comes after Oldham East and Saddleworth MP Debbie Abrahams forced the Government to reveal that six per cent of those earning more than £10 million a year pay less than 10 per cent tax.