Angela Eagle, Labour's Shadow Chief Secretary to the Treasury, said in response to David Cameron's interview with the Sunday Telegraph:
"Families feeling the squeeze from deep spending cuts and the VAT rise this year should know that the Conservative-led government made a political choice to reduce the deficit in this way.
"David Cameron and George Osborne decided to change course and cut the deficit faster than any other major economy in the world. They're hitting families with children and those on lower incomes harder than those at the top. And even though the recovery has now stalled they have no plan for jobs and growth to get the economy moving again.
"Why won't the Tory-led government adopt Labour's plan to repeat last year's £3.5 billion bank bonus tax to help create the jobs and growth we badly need this year ? For all George Osborne's boasts before the election about being the man to rein in excessive bonuses it's turned out he's all talk and no action."