“In the face of huge opposition to austerity policies on the streets this weekend, David Cameron says his government remain committed to austerity and have no plan for prosperity or economic growth,” said Labour Leadership contender and anti-austerity campaigner Jeremy Corbyn.

“Why oh, why do Cameron and Osborne refuse to get the huge body of evidence that introducing the living wage is the surest, most effective method of reducing benefit pay outs to the in-work but still poor?”

“Billions would be saved by the public purse if the UK’s nearly 5 million low paid workers received a raise to the living wage of £9.15 an hour in London and £7.85 outside London. Resolving our housing crisis would help end the housing benefit subsidy to private landlords.

“The Treasury would receive more than £2billion from the increased tax and national insurance contributions and the Treasury would bay out £1.1 billion less in means-tested benefits.

“I and the hundreds of thousands marching at the weekend want this. It’s a no-brainer.  But Cameron and Osborne want to squeeze the poor til the pips squeak.

 “Tax credits provide a lifeline to millions of people working on low pay. David Cameron’s speech today does not rectify our low pay, low skill, or low productivity economy. Instead, he is proposing to punish the low paid by taking away this vital lifeline – condemning more people to poverty.”