, Liberal Democrat leader Sir Ed Davey said that “the big banks, since 2016, have had tax cuts worth about £4.3 billion a year”.The Liberal Democrats’ own calculation shows that the tax cuts Sir Ed was speaking about are worth around £3.8 billion a year at the moment. They will only reach £4.3 billion in the year ending March 2029.In the year ending March 2016, the Bank Levy tax collected £3.2 billion for the Government.
If the Bank Surcharge had kept up it would have collected £2.1 billion in the same year. Together that would be £6.3 billion. Instead the Levy collected £1.4 billion and the Surcharge collected £1.1 billion, for a combined £2.5 billion. That means that if both taxes had risen with inflation they would have collected £3.8 billion more in the year ending March 2025.
That would have risen to £3.9 billion, £4.0 billion, and £4.1 billion in the following three financial years.Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention.
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Fact check: Bank Levy tax collected £3.2bn in year ending 2016Liberal Democrat calculations show that bank tax breaks could reduce Government revenue by £4.3 billion a year by the year ending March 2029.
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