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Tory tax break for banks set to cost £6bn to the public purse, TUC report finds
The HM Revenue and Customs office in central London
A TORY tax break for banks is costing the Treasury at least £29 million a week, a TUC report has warned.
Ministers cut the bank profits surcharge from 8 to 3 per cent earlier this year, allowing firms to boost profits while being cushioning against the impact of an increased corporation tax rate.
Published today, the report estimated that the bung, introduced by Prime Minister Rishi Sunak when he was chancellor, will deprive the public purse of a minimum of £6 billion over the next four years.
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