Friday, 26 February 2010

To Big Business, £50bn with love, New Labour

Since New Labour came to power in 1997 corporation tax has been reduced from 33%, to 31%, then to 30% and two years ago to 28%. LEAP estimates that these tax cuts have given an extra £50bn to big business in the last 13 years.

This of course excludes the lovely donations that New Labour made on all our behalfs to the banking sector. £50bn over 13 years may not seem much in the context of a £178bn annual deficit, but the difference last year between 33% and 28% would have doubled the higher education budget.

11 comments:

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  7. This of course excludes the lovely donations that New Labour made on all our behalfs to the banking sector. £50bn over 13 years may not seem much in the context of a £178bn annual deficit, but the difference last year between 33% and 28% would have doubled the higher education budget.

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