Friday 16th March 2012 | 12:15
The tax that likes to say yes
Labour have committed to spending the proceeds of more bank taxes on 9 different things, giving a total of at least £29.6 billion in spending commitments. And this does not include uncostable commitments to reduce the deficit and spend more on public services.
This is more than ten times the £2.3 billion that was raised by Labour's bonus tax, that their own Chancellor said could only be a one-off. The Government has introduced a permanent bank levy which raises more every year.
1) Reversing the VAT increase - £13.5 billion
2) More capital spending - £5.9 billion
3) Reversing the Child Benefit savings - £2.5 billion
4) Reversing Tax Credit savings - £5.5 billion
5) More Regional Growth Fund funding - £200 million
6) Cutting the deficit - ?
7) Turning empty shops into community centres - £5 million
8) Spending on public services - ?
9) Help for young people - £2 billion
Total: At least £29.6 billion