Budget 2003: Duncan Smith lays into Brown

Link: Budget special

Increase tax and borrowing meant, he said ‘paying more today and paying more tomorrow’. He also said that the national insurance increase was an £8bn tax on jobs that would mean more job losses.

Smith also hit out at pension reforms which have made inroads into pension funds. He claimed that since Labour took over power in 1997 the amount of income someone would expect to receive from their pension has fallen by half.

IDS also said the British Retail Consortium announced one in five companies had cut jobs as a result of the tax hikes.

He said insolvencies were at their worst level for a decade.

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