Tories Cut Tax for Banks After Slashing Incomes of Millions

The SNP has condemned the UK Chancellor’s decision to cut the tax surcharge for banks by more than 60% less than a month after he slashed the incomes of six million people by £1040 overnight and announced a regressive National Insurance tax hike.

Commenting, SNP Shadow Chancellor, Alison Thewliss MP (pictured), said:

“It beggars belief that at a time when Tory cuts and tax hikes will leave the majority of families worse off and push many into poverty – the Chancellor is planning a taxpayer-funded giveaway to banks so they can make bigger profits at our expense.

“It’s unclear whether this is some sort of bad joke – but ordinary families won’t be laughing if the Tories slash household incomes to fund handouts for the wealthiest in society.

“Under Boris Johnson, the UK already has the worst levels of poverty and inequality in north west Europe – and the highest levels of in-work poverty this century.

“It’s inexplicable that the Tories would fund tax breaks for the rich while poverty soars on their watch.

“It’s now beyond all doubt that there will be no fair recovery under Westminster rule.

“The only way to keep Scotland safe from Tory cuts is to become an independent country, with the full powers needed to build a fairer society.”