LABOUR BID TO BLOCK TAX CUTS Chancellor gave bankers a bung rather than help children in care ...it’s immoral

LABOUR’S John McDonnell has accused Chancellor Philip Hammond of putting tax cuts for banks over thousands of vulnerable children.

Mr Hammond reduced the Bank Levy – a tax on their debts – in his Budget saving the UK’s biggest banks £4.7billion by 2020.

Meanwhile, cuts to children’s services saw a record 72,000 youngsters taken into care last year, serious child protection cases doubling each year and 500 new cases launched every day.

Shadow Chancellor Mr McDonnell called the move “callous and immoral”.

He added: “He’s saying, ‘I’d rather protect bankers than vulnerable children.’”

Mr McDonnell announced he is preparing an amendment to the new Finance Bill being put before Parliament in a bid to halt the cut.

“I hope MPs of all parties say to the Chancellor this cannot happen, it’s morally unacceptable,” he said.

“What the Chancellor has done is make a very crude choice – to give a bung to the bankers rather than to the most vulnerable in our society.

“It’s callous and immoral. These Conservatives do not live in the real world. They are cut off from the reality of what austerity is all about and the implications of their plans.”

He said charities, councils and Labour had all raised children’s services with Mr Hammond.

Funding

He added: “By 2020 there will be a £2billion funding gap so we were all genuinely expecting something in the Budget... there was nothing. It has been pointed out to Hammond and he bears personal responsibility for this.” He also revealed he had been holding meetings with key figures from the City and feels bankers are warming to Labour. Mr McDonnell added: “Once we get face to face we can reassure them what we’re about – the need for l ong- t erm, stable investment.”