Did you hear that? It was the sound of a huge – and wholly necessary – government u-turn on their plans to cut taxes for the rich.
On Monday the Chancellor said he was ripping-up plans to cut the 45p rate of income tax. This was less than two weeks after he’d announced it.
We’ve pointed out again and again that the hard right’s obsession with low taxes and a smaller state is not what the public wants. There is no evidence that handing more and more giveaways to the rich will deliver a stronger, fairer economy.
Winning the debate
We’ve been on TV and radio over the last week, pointing out the facts and urging the government to reverse course on tax-cuts.
Our Head of Advocacy, Tom Peters, was on the BBC this week that the government should now scrap plans to lower the corporation tax rate.
And our Executive Director, Robert Palmer, was on TalkTV pointing out where the government’s priorities lie: tax cuts for corporate profits while many ordinary families enter one of the bleakest winters in living memory. We also talked to LBC, LBC News and BBC London.
We must go further
We’ve been pushing the case for a better tax system across the media. A better tax system that works for everyone, and delivers the public services we deserve.
The Chancellor caved in to this pressure on Monday. He must now reverse his £18bn plan to cut corporation tax.
And at a time when ordinary families’ energy bills are going through the roof, the Chancellor should also increase the taxes paid by big profitable oil and gas companies.
The Chancellor should also listen to millionaires who want to pay more tax, not less.