The 10p compensation con

George Osborne has attacked Labour's plans to raise the personal tax allowance, saying, "First we got the tax con - and now we are getting the compensation con."

The Shadow Chancellor made it clear that he supported any effort to compensate those hit by Gordon Brown's axing of the 10p tax rate - but that Labour had failed to address the root cause of the problem.

"This help is for one year only. It is a one-off payment, a one-off solution for tax rises that hit every single year."

George criticised Alistair Darling for not putting in place a long-term plan to compensate people, and accused him of only acting because Labour were "panicking" about the Crewe and Nantwich by-election.

He also pointed out that 1.1 million low-earners, on incomes between £6,635 and £13,355, will still lose out by up to £112 a year.

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