The comments made by Anneliese Dodds, the Shadow Chancellor of the Exchequer, on 9 March 2021.
Labour has argued for over a decade that cuts to corporation tax don’t boost investment or raise extra revenue – they just cost the Treasury billions that could have been put to better use.
We welcome the Chancellor’s conversion to our point of view, but we can never get back the £95 billion lost to the Treasury over the last few years from this economically illiterate tax cut.
That money could have been used to strengthen our economy going into this crisis. Instead the Conservatives slashed salaries for key workers, ran down our schools and hospitals, and cut 21,000 police officers from our streets.
Never again should any Conservative government be allowed to use such a discredited economic argument to weaken the foundations of our country.