What have we learnt from today’s budget?

It’s hurting more, and working even less – the austerity measures are failing. Today’s figures show there are weaker tax revenues, substantially higher public spending, and growth at only 0.8% rather than the predicted 2.5%. So with unemployment still increasing, no plan in this budget for growth and more cuts on the way, don’t expect the pain to go away any time soon.

LibDems have no credibility left – they have tried to spin this as a ‘Robin Hood’ budget, but Ed’s line of a ‘Millionaire’s budget’ will ring more true. The removal of the 50p tax rate, combined with the fact that they got nothing from their wish-list of a mansion tax or tycoon tax, shows they have no real sway when it comes to the major economic decisions.

We’re certainly not in this together – While the new stamp duty on properties over £2m is welcome, the 50p tax move shows the Tories feel bold enough to ride roughshod over public opinion, and ditch their rebranding project. They could easily have worked out the loopholes, but chose to scrap it all together. Pensioners will be the big losers in this budget, hit by the freezing of their tax allowances. And the government are still hitting hard working families through reductions in child benefit with a taper and cuts to working tax credits. What’s more, regional public sector pay will only help widen the pay gap across the country. That soundbite rings truly hollow now.

Labour has to show an alternative vision – Ed hit back brilliantly and humiliated a front-bench that are all likely to all benefit personally from the budget. But today is just the beginning. Labour has key battles to fight in the coming year on where the next round of public sector cuts will fall, and must build on this response to get on the front foot and set out its own credible alternative vision.