John McDonnell MP Blog Headlines
John McDonnell, responding to the Guardian revelations that some British banks were involved in the laundering of hundreds of millions of pounds from Russian criminals, said:
This scandal needs to be investigated in full by the National Crime Agency, and the government must ensure they have all the resources and support needed. Britain cannot be a haven for the criminals of the world who are looking to hide their money.
It’s deeply disappointing that there are British banks involved in yet another banking scandal as the actions of a few shouldn’t overshadow the hard work of the thousands of employees in the sector who will have had nothing to do with this case. But it appears that some of these big banks haven’t learnt the lessons of the past, and are clearly not doing enough to clamp down on financial crime and money laundering.
The government’s overall approach to the banking sector is one that has seen them handout billions in tax giveaways that favour the big banks over the challenger banks, and pursue a ‘light touch’ approach to regulation that borders on a return to the bad old days before the crash. Now we know the date for when Article 50 is to be triggered, we need clarity from the government that this scandal is not a glimpse into the future of what a Tory Banker’s Brexit will resemble.
It is scandals like this that only further support the case for Labour’s Tax Transparency Enforcement Programme to ensure that there are no more hiding places for the super-rich to dodge paying their taxes, or to hide proceeds of crime. If the Tories will not act to clamp down on such acts, then the next Labour government will make them a thing of the past.
This is a humiliating reversal for the Chancellor forced upon him by Labour’s opposition. His authority is now shredded after just one Budget, and he tore up a manifesto commitment to do it.
We welcome the Government's decision to finally listen to Labour's calls made in Jeremy Corbyn’s Budget response along with those of business groups like the Federation of Small Businesses to not go ahead with an unfair £2bn tax rise on low and middle earners. But they should never have been placed in this position to start with, and now we face yet another Tory Budget only a year on with a blackhole in the billions. In 2015, we had the tax credit shambles. In 2016, we had Personal Independence Payments reversal. Now in 2017 we have the u-turn on National Insurance Contributions.
There will be millions of working people who are now breathing a sigh of relief, but it is the Chancellor who should be holding his breath as this episode throws up urgent questions that he and the Cabinet must now answer.
Did the Prime Minister or the rest of the Cabinet, who must have seen the Budget in advance and known this measure was to be implemented, raise their concerns with the Chancellor before he announced it, worrying millions of families? It was in the weekend papers before the Budget so they can't say they were unaware it was to happen.
This is also the second year we have had a Tory Budget with a...
Philip Hammond has used his first Budget to claw £2 billion in tax on those self-employed who are on low and middle incomes. But he continued to boast about the £70 billion worth of tax giveaways at the top announced by his predecessor.
Labour will oppose this unfair £2 billion sole traders tax on the self-employed low and middle earners.
Rather than provide the funding that would end a social care crisis in which 1 million vulnerable people go without adequate care, or calling an end to the state of emergency in our NHS, the Tories are doing next to nothing and don’t seem to recognise the scale of the crisis they have created.
The Tory rigged economy continues for households in our country, who face being £1,800 worse off by the end of the forecast period, and if you are on the National Living Wage by the end of this parliament you face a 25p per hour cut.
This Budget does not address the problems created by seven years of Tory failure, and it has failed the fairness test for women who will be hit by a cuts in public services, and the national living wage.
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