LABOUR FAILS TO BACK TAX ON ALL LARGE CORPORATIONS
Whilst the Chancellor’s announcement on additional support for struggling households via a windfall tax on oil and gas companies is welcome, I was disappointed that he did not take this opportunity to include other large corporations, such as Amazon, which enjoyed billions of pounds of excess profit during the Covid pandemic.
For example, Amazon has a tax to turnover rate of a shameful 0.37 per cent and pays as little tax as it possibly can using loopholes successive UK Labour and Tory Governments have failed to close.
While the Labour Party has been keen to impose a windfall tax on Scotland’s oil and gas industry, it has been strangely silent when it comes to the contributions of such big corporations to the UK Treasury. In fact, Labour abstained on an SNP amendment calling for a windfall tax to be imposed on the huge profits of such corporations.
I challenged the Tory Chancellor to extend the windfall tax to all these companies to ensure more help for more people during this cost of living crisis.
Watch the exchange below 👇.