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MP votes against Conservative plans to give billion pound tax cut to banks

February 4, 2022 10:37 AM

In the House of Commons this week, local MP Tim Farron voted in favour of an amendment to the Government's Finance Bill which would have scrapped Conservative plans to give a billion pound tax break to banks.

The amendment would have reversed a cut from eight to three per cent in the surcharge levied on banking profits over £25m from next year, with Tim arguing that this money should be spent on helping local families deal with the cost of living crisis.

However the amendment was voted down by 229 votes to 301, with not a single Conservative MP voting to abandon the tax cuts for banks.

Speaking after the vote, Tim said: "At a time when local families are facing enormous energy bills, sky rocketing inflation and a National Insurance tax hike - it beggars belief that the Conservatives think the priority should be a billion pound tax cut for banks.

"If evidence was ever needed of how completely out of touch this Government is then this surely is it."