CHANCELLOR George Osborne’s Autumn Statement has turned into a Winter’s Tale.

I hear tax receipts are down, which is no surprise as few big businesses pay any. They make billions in profit yet some of Britain’s biggest companies don’t pay a single penny in corporation tax.

Seven water companies paid zero corporation tax last year. That’s treasury cash going right down the plughole, courtesy of a tax loophole.

Many larger corporations also bagged huge tax breaks through the UK tax credits system, including the American movie giant Walt Disney.

With total assets of $186bn they pay only “the bare necessities”.

S Dixon, Redcar