Labour research in consultation with the House of Commons Library, using official costings of policy measures introduced since the Conservatives have been in power since 2010, reveals that from 2016/17 to 2021/22 over £70 billion will be handed out to a wealthy few individuals and businesses.

The table below illustrates what these tax changes represent:

Tax measure changed - Foregone revenue from change between  2016/17-2021/22 (£bn)

Corporation Tax -63.8

Inheritance Tax -3.6

Capital Gains Tax -0.8

Bank Levy -5.4

Total: -73.6

Shadow Treasury Spokesperson said: 

“The £70bn is a conservative figure that comes from Labour research in consultation with the House of Commons Library. It includes the effects between now and 2022 of the changes to taxes made by the Tories since they came to power. This represents a massive giveaway to the rich and corporations, especially unacceptable at a time our NHS is in crisis and families are being hit with cuts in tax credits.“

"The Tories are hitting low and middle earners while giving away over £60bn in corporation tax breaks alone in the coming years. When you add in Capital Gains Tax, inheritance tax, their failure on the bank levy and on tackling tax avoidance the scale of their unfair choices becomes clear. Labour would make different choices. We will set out our detailed plans at the election but one thing is clear: unlike the Tories we will put ordinary people first, not the few at the top.”

Ends

Notes to editors:

Please see here for the OBR’s database: http://budgetresponsibility.org.uk/download/policy-measures-database/