Tory spin can’t hide the reality of their massive bankers’ bonus


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As the SKWAWKBOX publicised earlier, Shadow Chancellor John McDonnell has written an open letter – signatures are still open if you want to add yours – challenging Philip Hammond to reverse his planned £5 billion tax-cut for banks and use the money to fund childrens’ services instead.

The Tories are attempting to spin away the reality of their plan by claiming they charged the banks a levy of £14bn and are imposing a so-called ‘corporation tax surcharge’ of £9bn – but as usual, what Tories say and the reality are two different things.

Tory spin

The bank corporation tax surcharge replaces the higher bank levy. Tory bank tax changes mean a tax giveaway for banks while children’s services continue to be cut. No amount of spin can make this anything but indefensible.


The Tories were lobbied to cut bank taxes, so their tax changes are really just another favour – a huge, £4.5 billion one – for their backers and donors in the financial services industry.

A drop in the big, fat bucket

Tory corporation tax cuts alone since 2010 mean giving away over £70bn over the next few years. Meanwhile, our neglected public services are in a state of crisis, from children’s services to the NHS, road repairs to refuse collections.

In the end, when you’re dismantling the things that make the UK a good place to live – for the sake of tax-cuts to the rich and to corporations and your premise for the cuts is thoroughly discredited, all you’ve got is spin.

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  1. Surprised?

    You shouldn’t be. Nor should you be next time. Those toerags aren’t anwyhere near done thieving, fleecing & plundering yet; so expect even more in the way of tax breaks for the tax avoiders & evaders right up until the moment they’re ousted.

  2. I’m only very slightly surprised they still choose to tell lies about it., although I suppose they think they have to.

    But we all know that if they had a majority (And thank Christ they don’t) they’d be as brazen as you like.

  3. And they wish to make us believe things will change with the new National Economic Crime Centre (NECC) I wonder if they will be investigating HSBC

  4. Whatever happened to the claim that the private sector could stand on its own two feet and, unlike the public sector, does not need state support?

  5. Great to keep highlighting what is really going on underneath the spin, outright untruths and omission Skwawkbox.

  6. The Tories by the sound of it are becoming an incurable disease that their followers are catching too!
    No matter what they do, the lies, the spin, the more their voting public think, they can’t do any wrong!
    As I wrote, it must be what’s happening!
    Their People can’t be so thick as not to think, what they, really are, a robbing bunch of Pirates and Highwaymen!
    I’m giving them too much credit, for being able, to think!
    Even Dick Turpin wore a mask!

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