Thursday 19 January 2017 / 4:39 PM 2017 Press Archive / The Latest from Labour

Hammond twice refuses to rule out turning UK into tax haven – John McDonnell

The
Chancellor Philip Hammond in an interview today in Davos with Bloomberg refused
on two occasions to rule out turning the UK into a ‘tax haven’.

When
asked on whether it was possible for Britain to become a tax haven he refused
to answer the question, and then when pushed by the interviewer, Philip Hammond
refused to rule it out by responding: “We will have to look at all
options….”

John
McDonnell MP, Labour’s Shadow Chancellor,
commenting after the interview,
said:

“The
fact that the Chancellor has yet again refused to rule out turning the UK into
a tax haven with massive corporate tax cuts is deeply worrying. People didn’t
vote to be made poorer, our public services undermined or for Britain to be
turned into a bargain basement economy.

“At
a time when we have a funding crisis in our NHS and our care service, further
tax giveaways to big businesses would blow a huge hole in our public finances. It
would represent a form of economic vandalism and could be catastrophic for our
economic stability.

“Rather than throwing around threats and writing blank cheques for the
corporate elite, the Chancellor needs to recognise his responsibilities and
make sure our Brexit negotiations secure jobs, living standards and the
economy.”