Commenting on the Budget 2012, Houghton and Sunderland South MP Bridget Phillipson said:
"I was also looking for signs that the Chancellor had an understanding of just how tough it is for both families and pensioners. At first glance it looked quite good, with an higher personal allowances for many people, but I believe any benefit is going to be wiped out by the increase in the cost of fuel, cuts to tax credits and of course the earlier increase in VAT.
"It is pretty shocking that over 4 million pensioners, who pay income tax will lose money next April at the same time as 14,000 people earning over £1 million are getting a tax cut of £40,000 each year. This is clearly a budget where millions are asked to pay more so millionaires can pay less.
"I also agree with the concerns expressed by The North East Chamber of Commerce who have stated the Chancellor could have had a greater impact on the North East economy by addressing investment allowances.
"I will be asking my constituents and businesses locally for their views on the Chancellor's budget and will be making representations to the Chancellor on their behalf."