CUTS ARE UNNECESSARY

IN the Confederation Of British Industry (CBI) conference, Prime Minister Boris Johnson stated that next April’s planned cut in corporation tax is to be put on hold.

The rate paid by firms on their profits was due to fall from 19% to 17%. However, the Prime Minister said the estimated £6 billion would instead be spent on the NHS and public services.

The Prime Minister said that the UK already had the lowest rate of corporation tax of ‘any major economy’ and further cuts would be ‘postponed’.

In response to this, CBI director Carolyn Fairbairn claimed the move ‘could work for the country if it is backed by further efforts to cut the costs of doing business and promote growth’.

With the UK’s corporation tax rates already being lower than many other economies, further cuts are unnecessary. Instead of cutting business rates further, we should make sure this money goes to good use, eg into the NHS.

The gender pensions gap means the average woman is currently £7,000 a year worse off than her male counterpart.

Our new research shows that the earnings of women in the North West are twice as likely to be affected by having a family as men’s.

After having children, four in 10 women (43 per cent) from the region reduced their working hours compared to just four per cent of men, while a third of women stopped working for a period compared with just 10 per cent of men.

These changes have a knock-on effect to women’s current and future finances – not least pension savings.

It’s unrealistic to expect women and families in this situation to make extra pension provision to make up the difference.

After children, one in five local women (21 per cent) stopped paying or decreased their pension savings while only four per cent of women increased them.

To really tackle gender inequality in pensions, we’re calling for the next Government to accept the principle that caring is an economic activity which should attract workplace pension contributions. £53 million in today’s money.

Nationally, £1.2 billion has been taken in dividends by rail shareholders in the last five years.

This is equivalent to 23 Great Train Robberies – or one Great Train Robbery every three months.

The payments to shareholders are being made despite rail firms receiving major subsidies from taxpayers. Fullfact.org have calculated that the privatised rail industry benefits from around £5 billion of Government support each year.

The TUC says that working people who rely on trains to get to work are getting a raw deal. In the decade since 2009, fares for UK commuters have risen at twice the speed of wages.

It’s appalling that shareholders are taking millions of pounds out of the North West’s rail routes. Especially while commuters are stuck with overcrowded and unreliable trains.

This modern-day train robbery is working against the needs of people across our region. Instead of lining shareholders’ pockets, the money should be invested into services, making it easier and cheaper to travel.

If you’re travelling around on a train in the North West today, you’re likely to be paying more, whilst you’re paid less. Can you honestly say you’re getting value for money?

We deserve better. Let’s use our votes to get public railways that work for all, not private profit.