Hammond twice refuses to rule out turning UK into tax haven - John McDonnell

[labourpress]

The Chancellor Philip Hammond in an interview today in Davos with Bloomberg refused on two occasions to rule out turning the UK into a ‘tax haven’.

When asked on whether it was possible for Britain to become a tax haven he refused to answer the question, and then when pushed by the interviewer, Philip Hammond refused to rule it out by responding: “We will have to look at all options….”

John McDonnell MP, Labour’s Shadow Chancellor, commenting after the interview, said:

“The fact that the Chancellor has yet again refused to rule out turning the UK into a tax haven with massive corporate tax cuts is deeply worrying. People didn’t vote to be made poorer, our public services undermined or for Britain to be turned into a bargain basement economy.

“At a time when we have a funding crisis in our NHS and our care service, further tax giveaways to big businesses would blow a huge hole in our public finances. It would represent a form of economic vandalism and could be catastrophic for our economic stability.

“Rather than throwing around threats and writing blank cheques for the corporate elite, the Chancellor needs to recognise his responsibilities and make sure our Brexit negotiations secure jobs, living standards and the economy.”