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.
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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