Monday 18 December 2017 / 3:10 PM 2017 Press Archive / The Latest from Labour

Labour demands greater transparency of Tory tax giveaway to big banks – Peter Dowd

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.”