Socialist Worker

Levy is a figleaf for the bankers

Issue No. 2238

Chancellor George Osborne announced this week that he is raising the government’s levy on the banks to £2.5 billion.

He hoped to announce a “deal” on Tuesday—but couldn’t because the banks won’t cooperate.

The government is posing as being tough on bankers because it knows that ordinary people are furious with them.

In reality, they are backing the bankers while attacking the rest of us. The increase in the levy amounts to £800 million, while the five biggest banks are expected to make £52 billion in profits this year.

And Osborne has promised to cut corporation tax every year, allowing the rich to rake in yet more profits.

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Tue 8 Feb 2011, 17:25 GMT
Issue No. 2238
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