Campaign news

£20 Billion In Tory Tax Giveaways To Big Business And A Wealthy Few

10th April 2017

By John McDonnell MP

Labour research reveals that the Tories’ tax changes that came into effect on 1 April will see £2.5 billion in tax giveaways alone handed out to big business and a wealthy few in 2017/18. The figures also reveal that by 2022, this could total around £20 billion, which includes over £2 billion in corporation tax giveaways to big corporations like Google in the next year alone.

These changes will take place at the same time as the Government goes ahead with billions of pounds worth of cuts to low income working families on in-work benefits.

The Tories are taking working families for fools by thinking they can hand out billions of pounds in tax giveaways to big business and the super-rich and expect no one to care, while at the same time cutting in-work benefits to the low paid.

These figures show the true priorities of Theresa May and Philip Hammond. They refuse to ensure that big corporations like Google pay their fair share, while they are handing out huge tax giveaways worth billions, and cutting the incomes of low paid people in our country.

Only Labour will create a fair tax system: one in which all big businesses pay their fair-share and working families are supported by ending the tax giveaways at the top, bringing in a £10 an hour Real Living Wage by 2020, and reversing the cuts to in-work benefits.

Background

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