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’.

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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.”

Adding:

“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?

 


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

  1. leftlinks

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  2. NewsatLeft

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  5. Gary Williams

    .@EdBallsMP calls for "three more u-turns" – on a bankers' bonus tax, 50p and the 'granny tax': http://t.co/EZmMwRWG by @ShamikDas

  6. BevR

    RT @leftfootfwd: Balls calls for "three more u-turns" – on a bankers' bonus tax, 50p and the 'granny tax' http://t.co/VRFgKj67

  7. Political Planet

    Balls calls for “three more u-turns” – on a bankers’ bonus tax, 50p and the ‘granny tax’: As the Finance Bill re… http://t.co/z8SwPA5R

  8. Michael

    Ed Balls calls for “three more u-turns” – on a bankers’ bonus tax, 50p and the ‘granny tax’ -I Shamik Das – http://t.co/4NcPjqAQ

  9. Rowland Paul Hill

    Ed Balls calls for “three more u-turns” – on a bankers’ bonus tax, 50p and the ‘granny tax’ -I Shamik Das – http://t.co/4NcPjqAQ

  10. erich frommnomnom

    Ed Balls calls for “three more u-turns” – on a bankers’ bonus tax, 50p and the ‘granny tax’ -I Shamik Das – http://t.co/4NcPjqAQ

  11. Alex Belardinelli

    RT @leftfootfwd: .@EdBallsMP calls for "three more u-turns" – on a bankers' bonus tax, 50p and the 'granny tax': http://t.co/9mDIbADK

  12. Andrew Burgess

    From yest >> .@EdBallsMP calls for "three more u-turns" – on a bankers' bonus tax, 50p and 'granny tax': http://t.co/EZmMwRWG by @ShamikDas

  13. Henry Hadaway

    RT @leftfootfwd: .@EdBallsMP calls for "three more u-turns" – on a bankers' bonus tax, 50p and the 'granny tax': http://t.co/9mDIbADK

  14. Rikbut

    From yest >> .@EdBallsMP calls for "three more u-turns" – on a bankers' bonus tax, 50p and 'granny tax': http://t.co/EZmMwRWG by @ShamikDas

  15. Tom Bailey

    RT @leftfootfwd: .@EdBallsMP calls for "three more u-turns" – on a bankers' bonus tax, 50p and the 'granny tax': http://t.co/9mDIbADK

  16. Michael Coe

    From yest >> .@EdBallsMP calls for "three more u-turns" – on a bankers' bonus tax, 50p and 'granny tax': http://t.co/EZmMwRWG by @ShamikDas

  17. AlanW_PoliticsUK

    Is Balls right to call for more u-turns by the government? http://t.co/j8ENLzX7

  18. BevR

    RT @leftfootfwd: Balls calls for "three more u-turns" – on a bankers' bonus tax, 50p and the 'granny tax' http://t.co/VRFgKj67

  19. Colin-Roy Hunter

    Ed Balls calls for “three more u-turns” – on a bankers’ bonus tax, 50p and the ‘granny tax’ -I Shamik Das – http://t.co/4NcPjqAQ

  20. Alex Braithwaite

    RT @leftfootfwd: Balls calls for "three more u-turns" – on a bankers' bonus tax, 50p and the 'granny tax' http://t.co/pwTvX12b

  21. Shamik Das

    .@EdBallsMP calls for "three more u-turns" – on a bankers' bonus tax, 50p and the 'granny tax': http://t.co/EZmMwRWG by @ShamikDas

  22. Mabel Horrocks

    .@EdBallsMP calls for "three more u-turns" – on a bankers' bonus tax, 50p and the 'granny tax': http://t.co/EZmMwRWG by @ShamikDas

  23. Anonymous

    Interesting how leopards do change spots some of us remember Ball’s remarks about cuts and austerity.

    Pity labour did not listen when people screamed about the housing bubble, the pension mess and banking bonus payments, not tell us the market will sort all this out lets leave it to the market

  24. Yrotitna

    From yest >> .@EdBallsMP calls for "three more u-turns" – on a bankers' bonus tax, 50p and 'granny tax': http://t.co/EZmMwRWG by @ShamikDas

  25. Richard

    Enough with this ‘Granny Tax’ nonsense. There is nothing wrong with not increasing the age-related income tax threshold next April (after going up significantly 2 years in a row) so that it gradually falls in line with the non-age-related threshold – meaning that both working people and the retired both get the same amount of income before being taxed. This is fair and progressive, especially since 75% of pensioners are unaffected. The poorest 50% don’t have enough income for the threshold to matter and the top 25% aren’t eligible for the relief due to their income being too high. Add in the largest ever increase in the state pension and it’s clear Mr Balls is trying to portray this as an attack on poorer pensioners rather than what it really is – a smaller increase or moderate decrease in income for well off pensioners.

  26. Anonymous

    Largest ever increase? Yes, because inflation is sky-high. There should be absolutely NO credit for this, it’s following the normal system! (I’d note that benefits link to it is under attack, of course).

    And I see, any reasonable kind of saving is now under attack. Well, don’t worry, in the future no matter how much you stuff into a pension if you’re under 40 odd you won’t see it again anyway, so this is just a cherry on top.

    There are more reasonable ways to change the tax system – for instance, if you’re working you should pay NI regardless of your age.

  27. Richard

    Due to re-establishment of the earnings link and the “triple lock” state pensions will now increase in line with the higher of earnings, inflations or 2.5% – so even if inflation was flatlining, pensioners would still get a decent increase. While the Gov can’t claim credit for inflation they can claim credit for changing the “normal system” as under New Labour where pensioners were lucky to get even an at-inflation increase – in fact, when adjusted for CPI, between 2002 and 2010 the value of the state pension actually went down.

  28. Anonymous

    Pardon me if I don’t give the Tories credit for pushing inflation over 5%.

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