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3 November 2021

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Race to top for bankers

photo Fibonacci Blue/CC

photo Fibonacci Blue/CC   (Click to enlarge)

Nick Auvache, North London Socialist Party

Tory chancellor Rishi Sunak slashed a tax on banks' profits by 60% in his autumn budget statement, shortly after removing the £20-a-week Universal Credit top up and announcing that National Insurance contributions will rise by 1.25 points.

This clearly shows the rank hypocrisy of the government's so-called 'levelling up' agenda. On the one hand, Johnson says he wants wages to rise, on the other he imposes higher taxes for workers and a brutal reduction of Universal Credit. At the same time, Sunak gifts a multi-billion pound early Christmas present to bankers!

The bank surcharge was introduced on profits over £25 million in 2015. It was an attempt to quell mounting political pressure against a broken capitalist system and the excessive profits of the few amid growing poverty for the many.

Pandora Papers

The effects of the same pressure were shown internationally, when in June the G7 nations agreed a global minimum corporation tax rate at their summit. Since then, the Pandora Papers have revealed those same capitalist states, including Britain, ignore astronomical levels of tax avoidance and money laundering.

Rishi Sunak defends his bank surcharge cut from 8% to 3% as of April 2023, by claiming it is needed for the British finance industry to be able to continue to compete on a world stage. The Tory government's City minister also defends this latest step by explaining: "To be competitive, we have to have competitive tax rates." It is estimated that this tax reduction will result in a loss of £1.5 billion for the Treasury. A further indication of how wealth is trickling up from the poor to the rich.

It's a race to the bottom for workers and a race to the top for bankers. In order for us to remain competitive, workers are told we have to accept lower wages. But the same logic is turned on its head for international bankers! The logic of capitalism is based on the private ownership of vast amounts of wealth by a tiny few. We need a system based on the democratic public ownership of the world's resources - that is the logic of socialism.

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In The Socialist 3 November 2021:


COP26

Socialist change to end climate change

Fight for socialism to end climate destruction

COP26 begins - workers strike for pay

COP26 News in brief


Campaigns news

Why I joined the Socialist Party

Fund the fight for a socialist world

Sheffield students tirelessly campaigning for socialist change

Hackney children's centres: Campaigners see through council deception

East London gentrification plans exposed


News

Fight for a real wage rise for all

Local government cuts set to continue - we need councillors prepared to fight

Race to top for bankers

Fight for a 15-an-hour minimum wage and an end to youth rates

Water companies put profits before protecting our environment

Tories threaten arts students: we are prepared to fight back!

Tory Universal Credit crumbs no solution to cost of living crisis

Tory plans won't fix social care

Pay freeze lifted for civil servants - prepare now for the struggle for a decent rise


Workplace news

NEU: Strategy needed to bring members together to take national action

Oaks Park school strike spurred on by head's lies

Scunthorpe scaffs strike into fifth week

Unite leaflets supermarkets to build support for Weetabix fire and rehire strike

Plant engineers pay dispute


Fighting sexism

Sexism, safety and the profit system


International news

Sudan - mass protests and general strike against coup

Chile: International solidarity campaign to free political prisoners

Vaccine inequality - the ugly face of capitalism

Hunger strike in Calais for refugee rights

Protests against Sudan coup reach Britain


 

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Related links:

Bankers:

triangleNews in brief

triangle10 years since the financial crash - the socialist answer to capitalist crisis

triangleThem & Us

triangleTurn Carillion crisis into movement against privatisation and capitalism

triangleTories torn - bin them now

Tax:

triangleCost of living crisis

triangleRob Windsor - remembering a tireless fighter for socialism

trianglePay NHS and care staff to address worker shortages

trianglePandora leaks put capitalism in the dock

Workers:

triangleSomers 'slaughterhouse' Forge

triangleTrade unionists in the USA fighting back

triangleWakefield TUSC - Fighting for low-paid workers and NHS

Capitalist:

triangleMurder of Ashling Murphy sends shocks waves across Ireland and beyond

triangleBournemouth - angry people not represented by capitalist parties

Article dated 3 November 2021

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Sheffield Just Eat strikers step up action and hold mass rally: Over 100 trade unionists and students in Sheffield rallied in support of the Just Eat delivery drivers on their 31st day of targeted strike action against company pay cuts. Photo by Alistair Tice

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