Seema Malhotra MP, Shadow Chief Secretary to the Treasury, led Labour’s opposition to the Finance Bill, the measure that puts the recent Budget proposals into law, in Parliament this week.
Seema Malhotra said:
“Labour voted against the Finance Bill 2nd reading because it fails the fairness test and it fails the test of investing for our future. It’s a Bill that cuts Corporation Tax and Capital Gains Tax benefiting a wealthy few, while at the same time cutting support for over two million working families on average £1,600 a year worse off. It doesn’t do enough to help the people I represent in Feltham & Heston and millions like them across the country.
“George Osborne’s Budget and the Finance Bill that implements it has a gaping black hole of an estimated £12 billion from 2016 to 2020 in it. Osborne is failing to balance the books and is putting forward unsustainable tax cuts forward for a wealthy few at the expense of everyone else.
“The people of Feltham & Heston needed a Finance Bill that builds the foundations of a strong economy that is the basis for prosperity and security for British families and business. We haven’t got it.”