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Billions of pounds of taxpayers’ money has been dished out to criminals.
 
Money that could help people and businesses in need – or our stretched NHS.
 
All because the Chancellor's lack of checks for self-certifying business support. 1/7
At least £6.5bn of business support money has gone to fraudsters.
 
In December, I asked why quick electronic checks with HMRC weren’t run before pay outs were made. 2/7

Rishi Sunak failed to give decent answers, so @jreynoldsmp and @patmcfaddenmp wrote to the Chancellor with 10 further questions.

They’ve still not been answered. 3/7

This week @taxwatch & @thetimes found £4.3bn of public money has been written off completely.

There was no press release or statement to the Commons.

It was sneaked out in a government ‘myth buster’ page.

The Tories didn't want anyone to know. 4/7

thetimes.co.uk/article/treasu…
On Tuesday, Labour asked an Urgent Question on this scandalous failure.
 
The Chancellor was happy to be the front man when the money was handed out, but hid away from scrutiny of his failures. 5/7

The examples of fraud & criminality are shocking.
 
They include a case where the judge demanded an explanation for how an organised criminal gang got a £50k government loan.
 
He rightly said the public deserve an explanation. 6/7

ft.com/content/30c466…
One investigator described the Treasury-backed schemes as "free money for the scammers".
 
And it’s us who are paying.

That's why we’re calling for an independent investigation to examine the mistakes and make sure those responsible are held to account. 7/7

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More from @RachelReevesMP

Oct 1, 2021
The cost of living crisis is escalating, and we have a Conservative government refusing to look at how its own choices have led to this.

Instead of letting a difficult winter unfold, they should be using our recovery to make our economy stronger.
Thread.
ft.com/content/08276c…
Today, @Ed_Miliband warned the Conservatives that we're reaching a crunch point with energy prices, and that time is running out.

Conservative complacency is leaving families and businesses exposed to rising energy prices.

We need urgent action on this.
news.sky.com/story/energy-c…
The Conservatives know their planned tax rises on working people and businesses are not good for our economy.

But they're pressing forward anyway.

Read 8 tweets
Sep 20, 2021
NEW: Labour will scrap the private equity carried interest loophole – a loophole that leaves fund managers with a tax break of up to £170,000 a year.

Here’s why [THREAD] 
ft.com/content/16c17b…
How does this deeply unfair loophole work at the moment? 

Firstly, the same rules have applied since 1987, despite huge economic changes. 

Since then, the income fund managers receive in carried interest has been taxed at the rate of Capital Gains Tax, rather than Income Tax.
That means an additional rate taxpayer (someone earning over £150,000) is paying 28% on carried interest - rather than 45% if it was treated as regular income.
Read 8 tweets
Aug 29, 2021
The supply chain crisis is the result of the Tories' Brexit deal and their failure to plan - together with the neglect of vital jobs and ministers' refusal to listen to those working in industry. 1/8
theguardian.com/politics/2021/…
HGV drivers are some of the many overlooked and undervalued workers who are vital to keep our economy moving. @RHANews estimate it could take up to 18 months to tackle the shortfall of HGV drivers. 2/8 rha.uk.net/News/News-Blog…
The shortages we’re seeing in our supermarkets now are only set to escalate in the run up to Christmas. The Tories have no plan to address the issues that are causing these problems - in either the short or the longer-term. 3/8
Read 8 tweets
Jul 27, 2021
Today, Labour sets out the 5⃣ tests we expect from this government for our economic recovery.

We must use this moment to build an economy that makes the most of the huge potential we have as a country. Thread.
ft.com/content/524d9d…
The UK had the worst economic crisis in the G7 over the pandemic, and hasn’t bounced back to its pre-crisis GDP per capita.

🇺🇸 US is already there
🇯🇵 Japan will be there in October
🇩🇪 Germany in January
🇬🇧 UK won’t get there till July 2022.
Under years of a Tory government, our growth has been slower than that of our peers.

Under this Tory government’s current plans, it will slow even further.
theguardian.com/politics/2021/…
Read 10 tweets
Jul 4, 2021
As we recover from the pandemic, we must futureproof our economy and get it firing on all cylinders.

Today, Labour launches how we would start that: by making, buying & selling more in Britain, and building the skills and jobs of the future. Thread.
theguardian.com/politics/2021/…
There are three parts to this plan.

The first is to give more public contracts to British companies, big & small.

We'll do this with stretch environmental and social clauses in contracts, to spend & make more in Britain, while also raising standards as a global trading nation.
Second, we will bring the industries of the future to Britain, by reshoring more jobs here.

From green jobs in offshore wind, to fin tech, media and film, we must grow our modern industries for a long-term economy that provides good jobs and thrives.
Read 5 tweets
May 12, 2021
The recovery from the pandemic represents a crucial moment for Britain.

This really is not the time for papering over the cracks.

Instead, we must match the scale of the moment and the challenges facing our people and our planet.

A thread on the Queen's Speech.
Too many wages have stalled, household debt is rising, and too many are struggling.

Those with the jobs that keep our economy running and our public services going are overlooked and undervalued.

The Government has done nothing for them and nor does this Queen’s Speech.
The challenges and opportunities facing our country are great, yet what the Government is putting forward is small.

After just 24 hours we can see how thin this Queen's Speech is.
Read 8 tweets

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