LONDON: Taxpayers are handing businesses £93bn a year – a transfer of more than £3,500 from each household in the UK.
The total emerges from the first comprehensive account of what Britons give away to companies in grants, subsidies and tax breaks, published exclusively in the Guardian.
Many of the companies receiving the largest public grants over the past few years previously paid little or zero corporation tax, the analysis shows. They include some of the best-known names in Britain, such as Amazon, Ford and Nissan. The figures intensify the pressure on George Osborne, the chancellor, just as he puts the finishing touches to his budget. At the heart of Wednesday’s announcement will be his plans to cut £12bn more from the social welfare bill.
Yet that sum is less than the £14.5bn given to companies in direct subsidies and grants alone.
