The “abject failure” of the Government’s economic policies has cost the Exchequer tens of billions of pounds in lost revenues, Ed Miliband has claimed – as reported by ITV News.

The Labour leader released figures from the independent House of Commons Library which, it said, showed that lower- than-expected tax receipts and ballooning social security payments had cost £116.5 billion over the course of the parliament.

The party said the loss was the equivalent of almost £4,000 for every taxpayer – resulting in higher borrowing and the failure of Chancellor George Osborne to meet his promise to clear the deficit by the time of the general election in May.

According to the figures – released ahead of Mr Osborne’s set-piece Autumn Statement on Wednesday – income tax receipts were £66 billion lower than forecast, national insurance contributions were down £25.5 billion while social security spending is £25 billion higher than originally planned.

Read more on the ITV News website.

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