Taxpayers are set to fork out £4,000 each after George Osborne’s “abject failure” to handle a cost-of-living crisis, Labour leader Ed Miliband will reveal today.

According to new independent House of Commons Library figures, Con-Dem bad management has led to revenue losses of £116.5 billion.

“For all the government’s boasts about a belated economic recovery, there are millions of families still caught in the most prolonged cost-of-living crisis for a century,” Mr Miliband will say at an event in Nottingham this morning.

“For them this is a joyless and payless recovery.”

In his speech, the opposition leader will promise to tackle “that cost-of-living crisis so that hard work is properly rewarded again.”

Research has showed that the poor results were to blame on a fall in tax receipts of more than £66bn, a £25.5bn drop in national insurance contributions, and extra social security spending of £25bn.

The numbers do not look

good for a chancellor who allegedly let a whopping £4.8bn owed in taxes by mobile phones company Vodafone slip out of his grip back in 2010.

“The government’s failure to build a recovery that works for everyday people and tackle the cost-of-living crisis isn’t just bad for every person affected, it also hampers our ability to pay down the deficit,” Mr Miliband says.

“Britain’s public finances have been weakened by a Tory-led government overseeing stagnant wages which keep tax revenues low.”

On the lower national insurance contributions and higher-than-expected social security spending, Mr Miliband says: “The result has been David Cameron and George Osborne missing every single target they set themselves on clearing the deficit and balancing the books by the end of this parliament.”

The comments come before Mr Osborne’s Autumn Statement on Wednesday.

“Building a recovery that works for everyday people is the real test of the Statement,” the Labour leader believes.

Slamming the Coalition government, Mr Miliband he concludes: “Their broken promises, their abject failure, are not an accident.

“They are the direct result of an outdated ideology which says all a government has to do is look after a privileged few at the top and everyone else will follow.”

“That is why this government has done a great job of squeezing the middle but a bad job of squeezing the deficit.”