In response to the chancellor limiting banks offsetting profits against previous losses

For immediate release:

In today's (Wednesday 3 December) Autumn Statement, George Osborne announced the Government will restrict the amount of profit banks can offset by carried-forward losses to 50%.

David Hillman, spokesperson for the Robin Hood Tax campaign, said:

"Closing a loophole that let banks off billions in tax is welcome, but the Chancellor has not gone far enough. The additional revenue it will raise is small beer for a sector that dished out £14 billion in bonuses last year alone.

"This measure must not let the Government off the hook for ensuring the financial sector pays its fair share for the damage it's caused our economy." 

For more information contact:

Simon Chouffot: 07725 879 580 simon@robinhoodtax.org.uk

Jon Slater: 07876 476 403 jslater@oxfam.org.uk

Notes to editors: 

The Robin Hood Tax campaign is a coalition of 115 UK organisations including Barnardo’s, Comic Relief, Oxfam, Friends of the Earth, Stamp Out Poverty and the TUC: www.robinhoodtax.org.uk

The campaign has more than 250,000 supporters and is endorsed by over 1,000 economists and politicians from all main political parties

The campaign is calling for financial transaction taxes to help tackle poverty and climate change, at home and abroad.