Labour Jon Ashworth calls for explanation over why Tories’ ‘big-money backers’ benefit from autumn statement
George Osborne has been accused of using his autumn statement to give tax breaks to Tory supporters as it emerged that several companies run by Conservative donors stand to benefit from a more generous tax regime on the profits of the oil industry.
On Wednesday the chancellor announced that the charge on oil firms’ profits would be reduced from 32% to 30%, as well as other measures to help investment in the industry. The moves, which follow intensive lobbying by the oil sector and were welcomed by company executives, will cost the Treasury £470m over the next parliament.