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

SKWAWKBOX

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bank spin.pngAs 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.

Lobby-driven

The Tories were lobbied to cut bank taxes, so their tax changes are really just another…

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