, Labour’s Shadow
Chancellor, commenting on the Tories’
Corporation tax cut
U-turn, said:
"Johnson has announced a temporary pause in the Tories’
race to the bottom on corporation tax.
"It cannot compensate for the lives that have been lost and
will not repair the damage done to our communities to pay for the
Conservatives’ handouts to big business since 2010.
"The Government’s own figures show that billions have been
lost to the public purse, which has had real
consequences across the country.
"This pale attempt to mask the Conservatives' history of
handing out tax giveaways to big business shows they are in
chaos, but when the election is over we know they’ll soon revert
to type."
Ends
Notes to Editors:
-
The Conservatives have tried to portray tax cuts as
having boosted tax revenue but the IFS have said “the lack of a
decline in revenues cannot be interpreted as evidence that cuts
to corporation tax have not reduced them. There have been a
number of offsetting factors”
-
Labour will gradually return corporation tax to 26%
- lower than the 28% when Labour left office in 2010 and
restore a Small Profits Rate of 21%
-
The Conservatives have repeatedly claimed that cutting
corporation tax has led to higher revenues but Johnson today
admitted that was false, saying keeping the rate at 19% will
save £6bn next year
-
You can’t trust what the Tories are saying on corporation
tax. The Chancellor wrote a piece for Conservative
Home calling for corporation tax to be slashed to
12.5%.Conservative Home, https://www.conservativehome.com/platform/2009/10/sajid-javid-we-must-slash-corporate-tax-rates-and-burn-regulations-to-improve-conditions-for-small-a.html
