“Tax giveaways for the big banks and spending cuts for everyone else” – McDonnell on new City scandal

This is the statement issued by shadow chancellor John McDonnell following reports today that some large foreign banks in Britain are paying an average tax rate of just six per cent on billions of dollars of profits made here.

These figures once again look like alarmingly low tax rates for big banks which are making eye-watering amounts of money.

After six wasted years of failed Tory economic policies, in which the Government has handed out tax giveaways to many large multinational banks, these figures only further show that the true agenda of this Government is to create an environment in which big banks get tax giveaways, while everyone else gets spending cuts.

However, even more worrying is that we only know this information thanks to Labour pressure that forced the Government to sign up to country-by-country reporting for banks. Philip Hammond is yet to make clear whether or not he will seek to retain this EU regulation upon Brexit, and if his lacklustre approach to taxation of the financial sector is anything to go by, then there is a real cause for concern.

Labour is committed to a fair and transparent taxation system where everyone pays their fair share, so we can create a country where no-one and no community is left behind.

Source: “Tax giveaways for the big banks and spending cuts for everyone else” – McDonnell on new City scandal | LabourList

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2 thoughts on ““Tax giveaways for the big banks and spending cuts for everyone else” – McDonnell on new City scandal

  1. Justin

    Nothing unusual here, 6 percent were being to hard on them, they should be paying less or am i being cynical, they should be on par with normal business, perhaps even when it comes to begging when the markets don’t go there way, which is normally caused by them anyway and they then get the bank begging bowl out, then they should receive there begging money at the same extortionate rates that they charge and if they cant pay well, send in the can’t pay well take it away boys, might be some fun reality then watching that happening,to many time rich boys are allowed to play with toys and get away with it, banks especially,they get caught doing something they should not be doing like libor, what happens a pathetic little fine which they use as a excuse to get money from somewhere else,what should really be happening, a hefty fine, one that they have to shoulder, can’t pay it well one of there favourite subjects asset seize, and if there wrongdoing jail them, there wont be to many re-offences if there gushy little fiddling thieves are led of to hmg for a interlude, again another example of tory power look after your mates not anyone else, they need to be held to account, wonder what justification they have for this, i can guess the french are going to offer them a deal based on nothing so we give them a cheap deal please stay pathetic

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