THIS IS A "Bullingdon" Budget, Labour leader Ed Milliband has claimed in his rebuttal to the chancellor's speech.
Ed Miliband (pictured) claimed that the Bullingdon Boys were both in it together as he ripped into George Osborne's speech.
Miliband drew attention to the millionaire's tax cut, reducing the 50% rate for top earners to 45%, which would be introduced in a couple of weeks, yet the childcare tax relief would not take effect for a further two years.
He called on any members of the opposition to "raise their hands" if they would benefit from the tax cut. He then added that the recovery must be made by the many and not the few at the top.
The Labour leader failed to draw on many specific figures but continued his rant to exploit discrepancies in the Budget speech.
He shone a light at holes in the speech, such as the failure to mention the country's downgrading from a AAA rated country, despite George Osborne's claims Britain was doing better under the coalition - namely with reduced borrowing.
Osborne said in his speech that "it is sometimes asserted that government borrowing is up but the facts show the opposite is true".
He also said borrowing was "falling in this year and the next". However, in the Office of Budget Responsibility documents it reveals that net borrowing increased from £121bn in 2011/12 to £123.2bn in 2012/13.
The Labour leader claimed the chancellor's speech was splitting the cabinet as its own business secretary, Vince Cable, agreed with the Labour party that borrowing was rising and not falling as was mentioned in the Budget speech.
Miliband also highlighted that there was no mention of the bedroom tax, in which people on benefits will have to pay for spare rooms. This contentious issue was raised prior to the Budget speech with labour back-benchers claiming there are not enough smaller homes to go round; and constituents would be forced to pay for extra rooms despite the willingness to move.
He also drew attention to the fact that the budget was leaked to the Evening Standard and claimed that "The chancellor might not have bothered turning up, the whole budget was in the Evening Standard before he rose to his feet." However, Miliband later claimed he was sure the coalition would conduct an investigation.
Miliband concluded the "blame game" has begun in the cabinet and that Britain deserves better.
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