Earlier on today, I spoke in parliament about this government’s unfair changes to capital gains tax and corporation tax. Watch the video of my contribution online here.
Treasury figures show that just 200,000 people will benefit from the government’s capital gains tax cut and that, in total, these wealthy individuals would be handed more than £600mn within the first year of this cut. Corporation tax in the UK is already the lowest in the G7: lower than Saudi Arabia, Russia and China.
So very lucrative for the already wealthy, but what about the rest of us? Not so good. The Resolution Foundation has calculated that the poorest 20% of families in this country will each lose an average o£565 over the course of this parliament as a result of this government’s policies.
This Tory government’s ideological approach to taxation is one that looks after a wealthy minority, while the rest of us, especially some of the poorest, lose out. Not only does this make a mockery of the Tory claim that ‘we are all in it together’.
I’m proud that The Labour Party stands for an economy that works for us all - opposing a government that prioritises enormous tax cuts which benefit just a few and drains funding from vital public services and the investment our economy so badly needs for future productive capacity.