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| Version 3 | Version 4 |
|---|---|
| Osborne slams 'tax timebomb' plan | Osborne slams 'tax timebomb' plan |
| (40 minutes later) | |
| The shadow chancellor said the prime minister's promise to end boom and bust had proved "one of the greatest deceits ever told to the British public". | The shadow chancellor said the prime minister's promise to end boom and bust had proved "one of the greatest deceits ever told to the British public". |
| George Osborne said the government's package of measures would double national debt to £1 trillion. | |
| He said this would leave "a huge unexploded tax bombshell timed to go off under a future economic recovery". | |
| He said Chancellor Alistair Darling was giving away £20bn but taking back £40 billion through tax hikes. | He said Chancellor Alistair Darling was giving away £20bn but taking back £40 billion through tax hikes. |
| Mr Osborne said: "The chancellor has just announced the largest amount of borrowing ever undertaken by a British Government in the entire history of this country." | |
| The package was the "bill for a decade of irresponsibility", he said. | |
| 'Prudence is dead' | |
| "He's giving £20 billion in giveaways and taking back £40 billion in higher taxes, including the major rise in national insurance, a tax on the jobs and incomes of middle Britain," he said. | |
| "It is confirmation of the time old truth that all Labour chancellors run out of money and all Labour governments bring this country to the verge of bankruptcy. | |
| "Stability has gone out of the window, prudence is dead, Labour has done it again." | |
| PRE-BUDGET REPORT Report in full Most computers will open PDF documents automatically, but you may need to download Adobe Acrobat Reader. Download the reader here | |
| Conservative leader David Cameron had earlier warned the government's economic plans would send taxes rising in the future. | |
| In a speech to the CBI, Mr Cameron said the money being "thrown at us" by the government would be taken away later. | |
| He said "monetary activism" - lower interest rates - should be used by the government to support the economy. | |
| Mr Cameron said: "They might be talking about tax giveaways but everyone knows that they're throwing money at us now to take it away at a later date. | |
| "To pay back all this money would mean an 8% rise in income tax, or a 6% rise in VAT, or a corporation tax rate of 71%." | |
| He added: "This is the real story of today's PBR. Higher debts in the future. Higher taxes just as the economy starts to grow again. More of the same policies that got us into this mess - when we desperately need a change in direction." |