Friday 22 June 2018 / 5:28 AM Economy / John McDonnell

Tory austerity to hand £110 billion in corporate giveaways, new figures reveal

Tory austerity to hand £110 billion in corporate giveaways, new figures reveal

The Tories will have handed £110 billion in corporate tax giveaways by the end of this Parliament, new analysis by Labour reveals.

The Tory-Lib Dem coalition in its summer Budget – the eight-year anniversary of which is on Friday 22 June – announced cuts in corporation tax rates, alongside massive cuts in public spending.

New analysis of official figures by Labour shows the total cost of these and subsequent corporate handouts will be £110 billion by 2022.

Labour’s Shadow Chancellor John McDonnell MP said:

“The last eight years have been a bonanza for big business and a catastrophe for our communities. The Tories, aided and abetted for years by the Liberal Democrats, have handed out billions of pounds in tax giveaways, while slashing funding for our vital public services.

“They have left our schools so starved of cash teachers are begging parents for money, taken police off the streets, and left our NHS and social care in crisis. The latest announcement for health falls short of what is needed and the Chancellor says there is no money for anything else, because he has handed it out in corporate tax giveaways.

“The next Labour government will rebuild and transform Britain. We will invest in our economy and we’ll pay for it by taxing the super-rich and big businesses, to create a country for the many, not the few.”