A tax cut for banks described as ‘sickening’ by one Labour MP was passed in the Commons last night.
Paul Jones www.sidmouthherald.co.uk
The Finance Bill had its third reading in the House of Commons and included a provision to lower the rate of a surcharge on banking profits of more than £25 million from 8% to 3% from next year.
Coming on the eve of an expected increase in the energy price cap which could see bills rise for millions of households, the tax cut provoked anger on opposition benches, but passed by 302 votes to 226.
An amendment, which would have seen the tax cut axed, was defeated.
Labour called on the Chancellor, Rishi Sunak, to scrap the tax cut and instead use the estimated £1 billion it raises each year to fund support for households struggling to deal with the cost-of-living crisis, amid rising fuel prices and energy bills.
East Devon MP Simon Jupp (Con) supported the bill, as did fellow Conservative Neil Parish (Con, Tiverton and Honiton).
Did Devon MPs vote in support of the bill?
Ben Bradshaw (Lab, Exeter): No
Sir Geoffrey Cox (Con, Torridge and West Devon): Yes
Simon Jupp (Con, East Devon): Yes
Anthony Mangnall (Con, Totnes): Yes
Anne Marie Morris (Ind, Newton Abbot): Yes
Neil Parish (Con, Tiverton and Honiton): Yes
Selaine Saxby (Con, North Devon): Yes
Sir Gary Streeter (Con, South West Devon): No vote recorded
Mel Stride (Con, Central Devon): Yes
The cut was announced in last year’s Budget by the Chancellor.
Labour said the surcharge raised £8.3 billion since 2016, which could fund solid wall insulation for 110,000 homes, cavity wall insulation for a million homes, or 380,000 new gas condensing boilers.
And after the vote Richard Burgeon (Lab, East Leeds), said: “Sickening. I just voted to scrap a multi-billion tax cut for bankers.
“Not a single Tory MP voted to stop bankers getting even richer.
“How dare they do this when millions can’t even afford to pay their energy bills.”