Candidate Responds to Pre Budget Report

Plaid Cymru Westminster Candidate for Carmarthen East and Dinefwr, Jonathan Edwards responded to the Chancellors Pre Budget Report signature policy of a one off tax on bankers’ bonuses as half baked.

Jonathan Edwards said:

“Nobody more than Plaid Cymru welcomes the Chancellors decision to start curbing back on the excess of the casino bankers and speculators. We have been campaigning for decades against the privileges enjoyed by the super rich. However, the Pre Budget proposals are a one off, and if Labour were serious they would have introduced a long term corporate social responsibility agreement (CSR) with the banks of a 10% tax on their profits. This would generate far more revenue for the Treasury than this gimmick policy announced today. The bankers will just get round Labour’s plans by increasing other benefits or their annual wage. A tax on corporate banking profits would be far more progressive and productive.”

“Money raised by our proposed CSR agreement should be used to create an economic development fund for the poorest areas in the UK such as Carmarthenshire, as well as funding comprehensive money advice services to deal with acute debt problems caused by the reckless lending practices of the bankers and help increase financial capability amongst the general population.”

“What we need is greater sustainability in economic growth and we need to address the huge imbalances in the UK economy which have been caused by the way both the Tories and Labour have left the bankers run riot. Today’s proposals signal a return to business as usual after this year – it’s a pure political gimmick by New Labour on the eve of the General Election. What we need is to re-dress the economic balance at macro level – a long term CSR agreement would achieve this.”

 

DIWEDD / ENDS

Nodiadau / Notes:

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