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.