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, Tory Tax giveaways that came into effect on 1 April
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.
John McDonnell MP,
Labour’s Shadow Chancellor, said:
“This April 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.”
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