Balls calls for “three more u-turns” – on a bankers’ bonus tax, 50p and the ‘granny tax’

As the Finance Bill reaches its final stages in the Commons today, Ed Balls has called on George Osborne to u-turn on bonuses, the 50p cut and the ‘granny tax’.

E-mail-sign-up Donate



As the Finance Bill reaches its final stages in the House of Commons today, Ed Balls has called on the government to u-turn on the bankers’ bonus tax, its 50p cut and the ‘granny tax’.

Labour is seeking votes on amendments to the Bill in order to introduce a bankers’ bonus tax to fund a guaranteed job for every young person out of work for more than a year, to stop the cut in the 50p top rate of tax for those earning more than £150,000, and to stop the change in age-related pension allowances known as the ‘granny tax’.

Ed-Balls-George-OsborneThe shadow chancellor says:

“First of all, we need a u-turn on David Cameron and George Osborne’s failed economic policies and to urgently put in place Labour’s plan for jobs and growth including a bankers’ bonus tax to fund youth jobs.

Second, we need a u-turn on the tax cut for millionaires, so that in tough times the richest pay their fair share.

“And third, we need a u-turn on the ‘granny tax’ so that pensioners aren’t unfairly hit – paying more while the highest earners pay less.”


“With Britain in a double-dip recession, long-term unemployment at a 17 year high and so borrowing now going up not down, it’s clear that the government’s economic plan is now failing…

“Conservative and Liberal Democrat backbenchers should stand up for their constituents and vote with us to create jobs for young people, stop the granny tax and reverse the tax cut for millionaires.”


See also:

Osborne’s scrapping of fuel tax is ‘fastest U-turn in history’, but a welcome one 26 Jun 2012

U-turns galore: The omnishambles runneth over 2 Jun 2012

Osborne tries to bury charity tax U-turn – the fifth flip-flop this week 31 May 2012

Osborne’s inevitable pasty tax U-turn set to cost Treasury £35 million 29 May 2012

More than 70% of public want Osborne to U-turn on cuts and adopt a Plan B 29 May 2012


Last week, George Osborne made the latest budget u-turn, on fuel duty, which followed the post-budget reverses on pasties, caravans, churches and charities – yet it is on cuts that a u-turn will be most welcome, the current strategy having plunging Britain into a double-dip recession. In May, a ComRes poll for the The Independent revealed 72 per cent of the public believe it’s time for Plan B – including 64% of Tory 2010 voters, and 68% of Lib Dem 2010 voters.

Will Osborne listen?


Sign-up to our weekly email • Donate to Left Foot Forward

Like this article? Sign up to Left Foot Forward's weekday email for the latest progressive news and comment - and support campaigning journalism by making a donation today.