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…
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