NEWLANDS SLAMS TAX CUTS FOR TORY RICH
The UK Government’s swingeing tax cuts have been condemned as a ‘right-wing’ nightmare by a local MP.
In the new UK Chancellor’s first big announcement since taking on the post, he set out massive tax cuts for those earning over £150,000 as well as abolishing the cap of bankers’ bonuses put in place over a decade ago.
The independent Resolution Foundation said the cuts to National Insurance rates will, ‘primarily benefit those who need help the least – the poorest tenth of households will gain just £11.50 this year, while the top 10% will on average gain 60 times that amount.’
And someone earning £1 million a year will save £42,500 a year thanks to the cuts in tax for the highest earners.
The plans were slammed by Paisley and Renfrewshire North MP, Gavin Newlands.
“The Chancellor’s statement was quite simply a disgrace.
“Millions of ordinary households across these isles are on the edge of financial disaster. His response was to scrap the cap on bankers’ bonuses, cut taxes on big business, and completely abolishing the higher rate of tax on those earning six figure salaries.
“His announcement on Universal Credit, threatening people with sanctions if they can’t find higher paid jobs that don’t exist, is cruel, vindictive, and will disproportionately affect women, who are more likely to be in the kind of part-time jobs he is targeting.
“Even while the Chancellor was on his feet, the pound was falling to near 40-year lows against the dollar, as the rest of the world pulls its money out of a failing economy led by a failing government. Brexitland is now seeing the consequences of the kamikaze actions of the Tory government, ripped from the EU despite Scotland voting overwhelmingly to stay.
“We are constantly told that our public services can’t be funded any better, that there isn’t a ‘magic money tree’ to pay for the basics of a modern society. But it seems there’s plenty of cash available when it’s earmarked for millionaires and voters in Tory marginal seats.
“The UK is sliding further into an extreme right-wing nightmare, with a government Scotland didn’t elect. It’s time we got out while we can and build a fairer and better future as an independent country.”