This will mean that, since 2010 (and the last Labour government), corporation tax has decreased by 11 percentage points.
Meanwhile, various public services would welcome this cash injection:
Continue reading below...
— Caroline Lucas (@CarolineLucas) March 8, 2017
How will the government make up the billions lost? For a start, it will be hitting self-employed workers. Many self-employed people, already on precarious contracts in the gig economy, will see their National Insurance contributions raised to fall in line with the regularly employed. Hammond believes the difference accounts for £5bn a year.
So while companies like Uber and Deliveroo will save big cash in taxes, their drivers will be paying up:
So tax Uber & Deliveroo drivers pay will go up, but the corporation tax Uber & Deliveroo pay will go down? Sounds TOTALLY fair. #Budget2017
— Georgia O'Brien (@georgiacobrien) March 8, 2017
Tories just raised taxes on Deliveroo Drivers & cut Taxes for Corporations…. The #DeliverooBudget.
— Tory Fibs (@ToryFibs) March 8, 2017
Is this an economy that really works for everyone?
– Read more from The Canary on Budget 2017.
Featured image via NATO Summit Wales
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