Nia Griffith MP has criticised the government for giving a tax break to millionaires whilst millions pay more.
Speaking up in Parliament in a debate on the Finance Bill, Nia said,
“Modest income families are really being squeezed with above inflation increases in the cost of the basics like food and energy bills. It is not only unfair and inhuman to give a tax break to millionaires, whilst hitting low and modest income households with further cuts to tax credits and benefits, it is economic madness. People on lower incomes out of necessity spend their money immediately back into the local economy. Local businesses are going bust and shops are closing because people simply do not have the money to spend. But the cash given to millionaires by reducing the 50% tax rate down to 45% is far more likely to end up abroad than helping to stimulate the economy here.”