Pathetically small bankers' levy barely covers their corporation tax cut, says TUC

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date: 8 February 2011

embargo: for immediate release

Commenting on plans announced today (Tuesday) by the Chancellor to increase the bankers' levy to £2.5 billion this year, TUC General Secretary Brendan Barber said:

'This levy is pathetically small compared to the amount UK taxpayers are owed for the financial crash and barely covers the cost of the corporation tax cut the Chancellor is giving the banks.

'Begging bankers to shell out small change from their bonus pool falls well short of the action needed to reform our finance sector so that it can start to serve the wider economy again, rather than the other way round.

'Rather than set alarm bells ringing in the City, this levy will be met with the sound of clinking champagne glasses.'

NOTES TO EDITORS:

- All TUC press releases can be found at www.tuc.org.uk

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Contacts:

Media enquiries:
Liz Chinchen T: 020 7467 1248 M: 07778 158175 E: media@tuc.org.uk
Rob Holdsworth T: 020 7467 1372 M: 07717 531150 E: rholdsworth@tuc.org.uk
Elly Gibson T: 020 7467 1337 M: 07900 910624 E: egibson@tuc.org.uk

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