Sunday 12 March 2017 / 5:17 PM 2017 Press Archive / The Latest from Labour

The Tories £70bn tax giveaways to the super-rich and big business

Labour research in consultation with the House of Commons Library, using
official costings of policy measures introduced since the Conservatives have
been in power since 2010, reveals that from 2016/17 to 2021/22 over £70 billion
will be handed out to a wealthy few individuals and businesses.

The table
below illustrates what these tax changes represent:

Tax measure changed – Foregone revenue from change between
 2016/17-2021/22 (£bn)

Corporation Tax -63.8

Inheritance Tax -3.6

Capital Gains Tax -0.8

Bank Levy -5.4

Total: -73.6

Shadow Treasury Spokesperson said: 

“The £70bn is a conservative figure that comes from Labour research in
consultation with the House of Commons Library. It includes the effects between
now and 2022 of the changes to taxes made by the Tories since they came to
power. This represents a massive giveaway to the rich and corporations,
especially unacceptable at a time our NHS is in crisis and families are being
hit with cuts in tax credits.“

"The
Tories are hitting low and middle earners while giving away over £60bn in
corporation tax breaks alone in the coming years. When you add in Capital Gains
Tax, inheritance tax, their failure on the bank levy and on tackling tax
avoidance the scale of their unfair choices becomes clear. Labour would make
different choices. We will set out our detailed plans at the election but one
thing is clear: unlike the Tories we will put ordinary people first, not the
few at the top.”

Ends

Notes to
editors:

Please see here for the OBR’s database: http://budgetresponsibility.org.uk/download/policy-measures-database/