Scunthorpe MP, Nic Dakin has issued the following press release in response to yeasterdays budget. Families in Scunthorpe will be worse off because of Chancellor George Osborne�s Budget while the banks get a tax cut this year, Labour MP Nic Dakin said today. Nic said: �George Osborne�s reckless policies to cut too deep and too fast are hurting families here in Scunthorpe. �In this Budget the Tories have confirmed the banks will get a tax cut this year while hundreds of families in the Scunthorpe Constituency will see their child benefit frozen and will pay an average extra �450 in VAT this year; approximately 1.3 million families, with incomes as low as �30,000 will lose all their tax credits from 2013. �Also, pensioners are to lose out on winter fuel �top-up� payments that help them when bills are rising. This means the over-80s will see their payment reduced from �400 to �300. The allowance paid to the over-60s will drop by �50 to �200. �But while their plan is definitely hurting all the signs are that it�s not working either. The VAT rise and cuts which go too deep and too fast are driving up unemployment again and the independent budget watchdog says inflation will be higher and the economy will grow more slowly this year and next. �That�s why borrowing will actually be higher after this Budget than before. So these reckless plans will make it much harder to get the deficit down. It doesn�t make sense.� He added: �On petrol prices, the government should have gone further in this Budget. Across North Lincolnshire the average cost of a litre of unleaded is now 140p � up from 121p in December before the Tory VAT rise. George Osborne should have listened to Labour and reversed the VAT rise on petrol, which is adding �1.35 to the cost of filling up a 50 litre tank. Osborne�s petrol duty cut of 1p is more than cancelled out by his VAT rise of 3p a litre. �And he should have listened to Labour and repeated the bank bonus tax this year, to help young people into work, build thousands of affordable homes and boost business investment. That�s the fair things to do and would help to get our economy moving again and get people into work to help get the deficit down. �It�s now clear that George Osborne�s plan is hurting, but it�s not working. For the sake of our economy, our young people and the future of Scunthorpe the Conservative-led government needs to think again and get a plan B that puts jobs, people and growth first � before it�s too late.�