TUC general secretary says £60bn in bank taxes could lower bills further
The TUC responded Tuesday to Prime Minister Andy Burnham’s cost-of-living measure announced Tuesday, welcoming the decision to cut VAT on electricity bills while pressing the government to go further on taxes for banks.
Paul Nowak, general secretary of the TUC, said the economic data released that day showed that Burnham is “doing the right thing by pledging action on the cost of living.”
“Working people are up against it with stagnant real pay, over a million people stuck on insecure zero-hour contracts, and a million young people not in employment, education, or training,” Nowak said.
Nowak said the VAT cut on electricity bills “will provide some welcome relief” but added that with Donald Trump’s war in Iran continuing to drive up energy costs, “the government will need to go further.” He said the new prime minister “could raise up to £60bn over four years by hiking taxes on banks – and use it to bring down bills further for households across the country.”
Nowak said Burnham “is sending the right signals by pledging to help young people into work” and that in the months ahead the government “will need to expand the youth jobs guarantee and double down on his pledge to reindustrialise Britain and deliver good growth in every postcode.”
The government’s figures Tuesday also showed it borrowed less than expected in June, providing some fiscal room as it weighs additional spending priorities.