UPDATED 11:00

THE Isle of Wight Labour Party has urged Conservative MP Bob Seely to vote against his party's finance bill.

Labour has proposed a series of amendments to the bill, calling for the Tories to ditch tax cuts for bankers and increase funding for austerity-hit public services.

Island Labour's parliamentary spokesperson Julian Critchley said Island schools and St Mary's Hospital were suffering serious financial shortfalls.

"Here's a chance for Bob to show he's not just empty words. He knows how important St Mary's is to Islanders, and he knows our schools are struggling with the impact of Tory cuts to their budgets. So he can vote with Labour to direct more money to those services, or he can vote with his own party and send it to the bankers instead."

*Mr Seely said: "Nationally, there is no so-called 'tax cut for bankers.' The banks are paying 58 per cent more in tax than under the last Labour government. The financial sector as a whole is paying 35 per cent more.

"On top of that, the government introduced an eight per cent corporation tax surcharge for banks forecast to raise £8.9 billion over the next five years. This is money that helps pay for our public services.

"Record numbers of people are in work through good Conservative economic management, which taxes those who can afford it while not taxing punitively so business can invest, expand and create jobs."