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.