Today while the Prime Minister delivered her speech on Brexit, the Chancellor Philip Hammond has refused to rule out that the Conservatives are preparing the greatest corporate giveaway in British history.

He failed to deny to a German newspaper at the weekend that he would be prepared to turn Britain into a “tax haven” as a result of Brexit.

Estimates from the House of Commons Library suggest that on top of existing corporate giveaways the cost of slashing corporate taxes to match tax havens like Ireland would be a shocking £120bn over the next five years.

That is equivalent to more than 5p on the basic rate of income tax.

 Given the existing crisis in our public services and the impending cost to the British economy of leaving the single market, coupled with the threat of dramatically slashing our corporate tax revenue, Labour has demanded the Chancellor and the Government come clean with the British people on the economic implications of a Tory Brexit.

John McDonnell MP, Labour’s Shadow Chancellor, speaking after Treasury Questions, said:

“Labour has warned that the Tories are lining up a bargain-basement Brexit and now Philip Hammond has confirmed it, promising huge tax cuts for the corporate elites.

“On top of the stark costs to the British economy from losing access to the Single Market, it is beyond reckless for the Chancellor to speculate about turning Britain into a tax haven after six years of Tory failure have seen the national debt rise by £600bn whilst austerity has hammered living standards for most. He has wriggled out of answering questions in Parliament as to how he will continue to finance the health and social care we need if he slashes corporation taxes

“Only Labour is committed to breaking our rigged economic system and delivering real pay increases for working people. We’ll reverse the Tory tax giveaways for the elite and deliver the investment this country needs for high-paid, secure jobs.”