Labour demands greater transparency of Tory tax giveaway to big banks

Peter
Dowd MP, Labour’s Shadow Chief Secretary to the Treasury, speaking ahead of the
committee stage of the Finance Bill in the House of Commons today, has
demanded an end to the tax giveaways to the big banks. He also demanded
greater transparency in the Government’s planned cuts to the rate of the
Bank Levy.

Labour
has tabled three new clauses and a paving amendment on the issue of the Bank
Levy. The amendments would: force the government to assess the effectiveness of
the Bank Levy as a revenue raising measure since its introduction in 2011; to
increase the transparency of the levy and its operation; and to ensure
that the changes introduced by this Finance Bill are measured and reviewed.

Before
the Budget leading children’s charities warned the Chancellor that children’s
services required £2bn of additional funding before 2020 to avert a crisis
in a system.

Peter
Dowd MP, Labour’s Shadow Chief Secretary to the Treasury, said:

“The
Tories chose in the Budget to prioritise further tax giveaways to the big banks
over spending on our vital public services, such as children’s services.

“Today we
are simply asking for greater transparency over this unfair giveaway to already
profitable big banks at a time when our public services and working families
are struggling just before Christmas.

“These
planned cuts in the rate of the Bank Levy will see billions handed out to the
major banks by 2020. 

"Last
week Labour tried to correct this by amending the Finance Bill to end the
£4.7bn cut in the Bank Levy, which last month’s Budget failed to reverse, and
called for it instead to be channelled into vulnerable children’s services. But
the Chancellor chose to plough on with this heartless choice. 

"Philip
Hammond could still
change direction. He
can either choose to end this injustice in the Finance Bill, or choose for
Christmas to come early for the bankers and act like Scrooge to the rest of
us.”