Labour has claimed Liz Truss will push through a “huge stealth tax cut for banks” if she becomes the UK’s next prime minister on Monday, as the opposition party prepares to do battle with her on the economy.
Labour has argued that the foreign secretary’s intention to scrap a planned corporation tax rise next year, should she become leader, would be particularly beneficial to big banks, which would see a net 5 percentage point cut in their tax bills.
Pat McFadden, shadow Treasury minister, said: “Is Liz Truss’s priority to support the families, pensioners and small businesses that are struggling to make ends meet, or is it to provide extra tax breaks for big banks?”
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