Labour call for Bankers windfall tax to be re-introduced

[wednesday1 10]

Why don't the ConDems do what Labour are suggesting and reintroduce Labours Bankers windfall tax to promote economic growth???.

Labour introduced the windfall tax last year and raised £3.5Bn for the treasury.

 

http://www.bbc.co.uk/go/em/fr/-/news/uk-12729091

 

Labour leader Ed Miliband has called for a fresh tax on bank bonuses and a cut in VAT on petrol.

 

He and shadow Chancellor Ed Balls outlined the measures they said would best grow the economy, ahead of the government's Budget next week.

 

They called for more private sector jobs and for help for the young unemployed and construction industry.

 

The Conservatives say Labour has made £12bn of unfunded spending commitments in the last four weeks.

 

At a press conference, Mr Miliband and Mr Balls said last year's windfall tax on bankers' bonuses had raised £3.5bn, and a repeat would help promote growth.

 

They called for the VAT rise - from 17.5% to 20% - to be reversed on petrol as prices top £1.30 a litre, a measure they say can be funded by extra income from the bank levy.

 

For all the rival claims and counter claims over the deficit there is also a broad symmetry between the opposition and the government ahead of next week's Budget.

 

Labour want the Budget to be judged by how far it promotes growth and eases the pressure on the so called "squeezed middle".

 

The coalition too would probably accept those benchmarks.

 

Hence, the prime minister and the chancellor have repeatedly dubbed this as "a Budget for growth", and Nick Clegg has identified the need to help what he calls "alarm clock Britain".

 

While on cuts, David Cameron has himself acknowledged the difference between Labour and the coalition over the scale of cuts is only £2bn this year.

 

The difference between the two parties over the economy is real - but it is essentially one of degree.

Mr Miliband said Labour's plans could create another 110,000 jobs.

 

Mr Miliband said: "As a matter of simple fairness, at a time when everyone else is facing tax rises, it is completely wrong for this Tory-led government to choose to cut taxes for the banks.

 

"The banks, who helped create the financial crisis, must now help return our economy to growth."

 

Mr Miliband said: "We are under no illusions that at this stage the government will abandon their deficit reduction plan - they are too dug in for that.

 

"But at least they should take some steps to deal with faltering growth in our economy - to establish a plan to create jobs in the private sector... to deal with the crisis of youth unemployment in our country and build the skills we need for the future."

 

Mr Balls urged Chancellor George Osborne to "err on the side of caution" with spending cuts, so that the government is better placed to deal with economic emergencies.

 

He added: "In past Budgets, when world oil prices were high, governments took the decision to cancel or postpone duty rises.

 

"That's a decision for George Osborne to take next week, but we are asking him to act now for hard-pressed motorists."

 

But Labour's economic credibility is being questioned by the Conservatives.

 

BBC political correspondent Ross Hawkins says David Cameron's party wants to "pick apart" the opposition's policy announcements in an analysis endorsed by their coalition partners.

 

The Conservatives argue Labour has made £12bn of unfunded spending commitments in the last month - a charge shadow front benchers reject.

[mj.scuba 10]

Hmmm did Labour EVER cut VAT on petrol in 13 years (apart from when the standard rate dropped to 15%)? NO!

[wednesday1 10]

Hmmm did Labour EVER cut VAT on petrol in 13 years (apart from when the standard rate dropped to 15%)? NO!

 

No but they imposed this tax on those who are most able to pay and who caused the credit crunch in the first place, and is what this thread is about.

[Anna Glypta 10]

No but they imposed this tax on those who are most able to pay and who caused the credit crunch in the first place, and is what this thread is about.

 

You mean they taxed themselves for "Ballsing" up the economy ?

[Anna Glypta 10]

Hmmm did Labour EVER cut VAT on petrol in 13 years (apart from when the standard rate dropped to 15%)? NO!

 

They didn't even do that. When VAT dropped to 15% they increased fuel duty to keep the price the same. When VAT went back to 17.5% they DIDN'T drop the duty back down again. So the decrease in VAT was a good day to bury the fact that they were increasing fuel tax.

[wednesday1 10]

You mean they taxed themselves for "Ballsing" up the economy ?

 

 

 

Thankyou An..................archist!

[alchresearch 214]

Why don't the ConDems do what Labour are suggesting and reintroduce Labours Bankers windfall tax to promote economic growth???.

 

Because anything Labour does or suggests has the "Merde-as touch" - everything they touch turns to, well, you know the French!

[Wildcat 10]

Why don't the ConDems do what Labour are suggesting and reintroduce Labours Bankers windfall tax to promote economic growth???.

 

Because they are Tories, they live for blaming the poor and making them suffer, the fact they are doing so to protect the vested interests of their backers is just an added bonus to them.

[Darth Vader 10]

You mean they taxed themselves for "Ballsing" up the economy ?

 

Although it may not suit your politics, not a single government is to be blamed for the economic fiasco we are in - the blame lies well and truly at the door of the banks, nationally, and internationally.

[alchresearch 214]

Because they are Tories, they live for blaming the poor and making them suffer, the fact they are doing so to protect the vested interests of their backers is just an added bonus to them.

 

Such rubbish, as usual.

 

If they hate the poor why did Frank Field join them in that poverty review? Frank Field - from one of the poorest Labour areas in the country?

 

Why did the Tories ring fence Sure Start from day one when every leftie tried to claim the Tories would axe it?

[Darth Vader 10]

Because anything Labour does or suggests has the "Merde-as touch" - everything they touch turns to, well, you know the French!

 

:hihi: Ha, ha, ha. That's "he-lary-arse".

[Wildcat 10]

Such rubbish, as usual.

 

If they hate the poor why did Frank Field join them in that poverty review? Frank Field - from one of the poorest Labour areas in the country?

 

Why did the Tories ring fence Sure Start from day one when every leftie tried to claim the Tories would axe it?

 

Ring fenced to the extent that 250 Sure Start Centres are to close?

http://www.daycaretrust.org.uk/pages/250-sure-start-childrens-centres-face-closure-within-a-year.html

 

Mmm that is some protection.. remind me to not feel secure in future when I am ring fenced and told I won't be axed.

 

The fact is the coalition has gone for a ratio of 4 cuts to 1 for tax rises, and the tax increases to be largely VAT the least progressive tax that was an option. Those cuts are to services that affect the poor. As the Telegraph said a year ago George Osborne should be careful of implementing the Class War he and the right want.... All the evidence is he is not in the slightest bothered about such perceptions. This is an opportunity for the Tories to roll back the state and sell off its assets to their friends, not even for profit or economic reasons but because they want to undermine the democratic delivery of services and take us back to a victorian model of delivery via rhetoric around a big society.

Edited March 14, 2011 by Wildcat