11 DEC 2017


The reality is that the banks are paying more in taxes now than when Labour was in charge.

  • HMRC data shows that the banks are paying 58 per cent more in tax than under Labour The banks only paid £17.3 billion in 2009/10. The average amount paid by the banks every year under us is 13 per cent higher than under Labour. The financial sector as a whole is paying 35 per cent more in tax than under Labour.
  • This government is taking action and clearing up Labour's mess.
  • Introducing a tax on banks so they contribute more to our economy. This Government has been clear that banks should make a fair contribution to reflect the risk they pose to the economy. In 2011, we introduced a tax on banks' balance sheets – the bank levy – which has raised over £14 billion so far and is forecast to raise a further £11 billion over the next five years 2017-22

We have introduced an additional tax on banks which will raise nearly £9 billion by 2022. In January 2016, we introduced an 8 per cent corporation tax surcharge for banks that is forecast to raise £8.9 billion over the next five years 2017-22.

Since the Autumn Budget, Labour have been asked 22 times how they would afford their borrowing binge – and failed to answer every time:

o 'You don't need a number'

o 'Minimal' (The Andrew Marr Show, 19 November 2017).

o 'Trite form of journalism... That's why we have iPads and advisers'

o 'What we would do is ensure that day to day spending is not serviced by borrowing'

o 'We're now at the stage where interest rates are so low we should be borrowing to invest'

o 'Minimal'

o 'Minimal'

o 'It pays for itself'

o 'It pays for itself'

o Talked over another question (Today, 23 November 2017).

o 'Not at all, you get, it's trite journalism walking into a studio and ask you to pluck a figure out of the air and all the rest of it' (BBC Radio 5 Live, 23 November 2017).

o 'The point I'm trying to get at is we do not want figures banded around about future investment, interest rates at a later date, that will then be used to frighten people off from properly supporting investment' (Peston on Sunday, 26 November).

o 'Because the debate is about whether or not it is cost-effective. And you know as well as I do soon as any figures bandied about...'

o 'No, no. There isn't a big hole in it... What we're saying is bring it into public ownership, it will be managed more effectively. It will pay for itself' (Paterson on Sunday, 3 December 2017).

o 'Cost us zero'

o 'It's impossible to say'

o 'You can't put a figure on that at the moment'

o 'You can't say... It will cost what it costs'

o 'It works through'

o 'People are getting ripped off' (no response)

o 'It's not difficult'

o 'You've got to get it right... it's impossible... the basic principle is utterly sound' (BBC Daily Politics, 6 December 2017).

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