Tagged: wealth tax

Green Party launches 2015 General Election Manifesto

The Green Party today launched ‘For the Common Good’, the Party’s 2015 General Election Manifesto (1), which sets out a bold, ambitious plan for a fairer society and safer planet.

The manifesto focuses on the Greens’ commitment to restoring and extending public services and tackling climate change.

Climate change is the greatest challenge of our time and only the Greens are determined to tackle it by taking serious action to limit our emissions at home and fighting for a fair global deal that secures humanity’s shared future. The Green Party will invest up to £80billion over the next Parliament in renewable generation and energy efficiency.

Real action on climate change will create jobs, reduce energy bills and make life better for ordinary people.

The Green Party stands for a fair economy that works for all and will end austerity and restore the public sector, creating over one million good jobs that pay the Living Wage.  The Green Party will introduce a Wealth Tax on the top 1%, a ‘Robin Hood Tax’ on the banks and crack down on tax dodging to raise £75billion a year by 2019.

The Green Party will take back our health service by reversing the creeping privatisation of our NHS and increasing health spending by £12billion a year. Healthcare must be publicly funded and free at the point of use.

The manifesto was launched by Natalie Bennett, Green Party Leader of England and Wales, and Caroline Lucas, who was elected as MP for Brighton Pavilion in 2010.

Bennett said:

“Austerity has failed and we need a peaceful political revolution to get rid of it.

“Our manifesto is an unashamedly bold plan to create a more equal, more democratic society while healing the planet from the effects of an unstable, unsustainable economy.

“This manifesto presents the Green Party’s genuine alternative to our tired, business-as-usual politics. We desperately need a more equal society and the policies we announce today pave the way towards a brighter, fairer future for all.”

Lucas said:

“We urgently need real leadership when it comes to tackling climate change – and that’s what our manifesto delivers.

“From ending the scandal of cold homes to investing in a public transport system that puts the public first, our plans will make a positive difference to people’s lives, create new jobs and help protect our environment.

“We have put investing in a greener future at the heart of our manifesto and only Green MPs will demand Parliament delivers change that reflects the scale of the climate problem.”

 

https://www.greenparty.org.uk/manifesto

Autumn Statement: Greens Slam Osborne’s ‘Ideological Commitment To Austerity’

The Young Greens have heavily criticised the government’s “ideological commitment to austerity”, following Chancellor George Osborne’s Autumn Statement.

George Osborne renewed the government’s commitment to control welfare spending by “freezing Universal Credit work allowances for a further year, cutting tax credits when overpayments are certain, and ending unemployment benefits for migrants with no prospect of work.”

The Chancellor also reiterated David Cameron’s pledge to freeze working-age benefits for 2 years, if the Tories win a majority in the next general election.

Georgia Elander, of the Young Greens’ National Committee, said:

“It’s clear that austerity isn’t working for anyone. The government borrowing forecast for this year has been raised from almost £87bn to £91.3bn, and Danny Alexander has attributed this to falling tax receipts due to people being in lower-paid jobs.

“Meanwhile, young people across the country are struggling to get by on low wages and zero-hour contracts, seeing their benefits stripped away, and being forced into workfare in order to claim any welfare at all.

“This isn’t good for the economy, young people, or the rest of the country. George Osborne’s dogged insistence on pursuing the spending cuts and deficit reduction policies of the last five years, despite their clear failure, illustrates this government’s dangerous ideological commitment to austerity.

“Osborne’s continued refusal, too, to raise taxes on the wealthiest in society shows once again that this government operates for the benefit not of the many but of the wealthy few.”

She added:

The Green Party would implement a wealth tax on the top 1% and a financial transaction tax, to make sure that it is the richest individuals and corporations and not the poorest who contribute the most to funding vital public services.”

The Young Greens say austerity measures are also having a wider impact on young people’s mental health, with low wages, unemployment and welfare cuts leading to an increase in stress, depression and suicide.

They welcomed the government’s pledge to invest £150 million in tackling mental health problems, particularly for children who suffer from self harm and eating disorders, but added:

“Mental health provision in this country is grossly underfunded, and while this funding pledge is a step in the right direction, much more needs to be done.

“We need to improve access to mental health services, and work to remove the stigma around mental health, so that children and young people with depression and other mental health problems can be diagnosed and treated before they resort to self-injury.”

What about child poverty?

Responding to today’s Autumn Statement, Alison Garnham, Chief Executive of Child Poverty Action Group, said:

It’s striking that the only giveaway for children was for families who can afford to fly them abroad on holiday. For millions more children, today’s Autumn Statement is about staying the course for poverty rather than prosperity.

“The Chancellor once again failed to mention child poverty – it’s now two years since an Autumn Statement or a Budget mentioned child poverty, despite the Government’s binding legal obligation to reduce it and IFS projections warning that the Government is on course to rapidly increase, not reduce, child poverty.

“By cutting Universal Credit once again, the Chancellor is in very real danger of torpedoing Iain Duncan Smith’s flagship policy. Freezing the work allowance will harm work incentives and hit low paid families hard. Two thirds of poor children live in working families; we should be redistributing help towards them, not away from them.”

Britain needs a pay rise

Responding to the Autumn Statement, TUC General Secretary Frances O’Grady said:

“The living standards crisis has wrecked the Chancellor’s strategy.

“He has failed his deficit reduction pledge as low-paid Britain is paying much less tax than expected. And businesses won’t find the customers they need if consumers do not have money in their pockets.

“Nothing in today’s Autumn Statement will give Britain a pay rise, and Conservative plans to effectively outlaw strikes will help make Britain permanently low-paid. Wrapping up last year’s infrastructure presents and giving them to us again will not give the economy the extra boost it now needs.

“Today should have seen policies for growth, but the Chancellor has boxed himself in with a rigid and artificial deficit reduction timetable. If he continues in office that will mean eye-watering spending cuts straight after the election. These would knock the recovery sideways, deter investment and lead to great damage to our social fabric.

“The way to heal the public finances is to build a strong growing economy in which successful companies and well-paid workers pay fair taxes. Pre-election giveaways today under this Chancellor will lead to even bigger spending cuts now that the global economy looks increasingly fragile.

“This is economic self-harm, threatening a vicious circle of further decline. That would be Groundhog Day all over again – the same mistake that the coalition made in its first two years.”

Source –  Welfare Weekly,  03 Dec 2014

http://www.welfareweekly.com/autumn-statement-greens-slam-osbornes-ideological-commitment-austerity/



Tories ‘Ruthlessly Targeting The Poor And Vulnerable’, Say Greens

Green Party Media Release:

Chancellor of the Exchequer George Osborne’s plans for a two year benefits freeze will once again penalise the most vulnerable in our society, says the Green Party, the only Westminster party committed to transforming the economy so that it works for the common good, not just the 1%.

Reacting to Osborne’s speech to the Conservative Party Conference today (September 29th), in which the Chancellor said a future Conservative government would freeze benefits paid to people of working age for two years, Natalie Bennett, Green Party Leader, said:

It is obvious our current economic model, as inexplicably praised by the Chancellor today, has failed. Tackling the deficit by ruthlessly targeting the poor and vulnerable is not what constitutes an economic recovery.

“We should acknowledge that we are a wealthy economy that can afford to pay decent benefits to everyone who needs them, as a decent, humane society should. That must be paid for by rich individuals and multinational companies paying their way – something that this government has notably failed to enforce.”

Responding to news that a future Conservative government would freeze working-age benefits and make further public spending cuts of £25bn, Molly Scott Cato MEP said:

Public debt is greater now than when the Tories came to office, demonstrating that public spending and welfare cuts have failed spectacularly in tackling the deficit. The truth is, austerity provides an excuse to punish the poorest in society, which is not only morally indefensible, it is also a false economy.

“Policies like the bedroom tax just push more people into the private rented sector which then costs the public more in housing benefit. Likewise, the increasing levels of poverty and inequality under the Coalition government impact on health and so pile more costs onto the health service. Greens believe in positive alternatives to austerity that would tackle the misery of poverty and address inequality; policies such as a citizens income, rent controls and a massive home insulation programme.”

Since the May 22 European elections, the Green Party has announced a string of progressive economic policies, which would deliver real change for the common good.

The Green Party’s 2015 General Election manifesto will include a Wealth Tax, and plans to deliver a £10 minimum wage for all by 2020, a Living Wage for all immediately, and a People’s Constitutional Convention to deliver meaningful constitutional and electoral reform.

The latest YouGov results for the Sunday Times have the Greens and Liberal Democrats both at 6% in voting intention.

Source –  Welfare News Service, 29 Sept 2014

http://welfarenewsservice.com/tories-ruthlessly-targeting-poor-vulnerable-say-greens/

Britain’s Five Richest Families Worth More Than Poorest 20%

This article  was written by Larry Elliott, economics editor, for The Guardian on Monday 17th March

The scale of Britain’s growing inequality is revealed today by a report from a leading charity showing that the country’s five richest families now own more wealth than the poorest 20% of the population.

Oxfam urged the chancellor George Osborne to use Wednesday’s budget to make a fresh assault on tax avoidance and introduce a living wage in a report highlighting how a handful of the super-rich, headed by the Duke of Westminster, have more money and financial assets than 12.6 million Britons put together.

The development charity, which has opened UK programmes to tackle poverty, said the government should explore the possibility of a wealth tax after revealing how income gains and the benefits of rising asset prices had disproportionately helped those at the top.

Although Labour is seeking to make living standards central to the political debate in the run-up to next year’s general election, Osborne is determined not to abandon the deficit-reduction strategy that has been in place since 2010. But he is likely to announce a fresh crackdown on tax avoidance and measures aimed at overseas owners of high-value London property in order to pay for modest tax cuts for working families.

The early stages of the UK’s most severe post-war recession saw a fall in inequality as the least well-off were shielded by tax credits and benefits. But the trend has been reversed in recent years as a result of falling real wages, the rising cost of food and fuel, and by the exclusion of most poor families from home and share ownership.

In a report, a Tale of Two Britains, Oxfam said the poorest 20% in the UK had wealth totalling £28.1bn – an average of £2,230 each. The latest rich list from Forbes magazine showed that the five top UK entries – the family of the Duke of Westminster, David and Simon Reuben, the Hinduja brothers, the Cadogan family, and Sports Direct retail boss Mike Ashley – between them had property, savings and other assets worth £28.2bn.

The most affluent family in Britain, headed by Major General Gerald Grosvenor, owns 77 hectares (190 acres) of prime real estate in Belgravia, London, and has been a beneficiary of the foreign money flooding in to the capital’s soaring property market in recent years. Oxfam said Grosvenor and his family had more wealth (£7.9bn) than the poorest 10% of the UK population (£7.8bn).

Oxfam’s director of campaigns and policy, Ben Phillips, said: “Britain is becoming a deeply divided nation, with a wealthy elite who are seeing their incomes spiral up, while millions of families are struggling to make ends meet.

“It’s deeply worrying that these extreme levels of wealth inequality exist in Britain today, where just a handful of people have more money than millions struggling to survive on the breadline.”

The UK study follows an Oxfam report earlier this year which found that the wealth of 85 global billionaires is equivalent to that of half the world’s population – or 3.5 billion people. The pope and Barack Obama have made tackling inequality a top priority for 2014, while the International Monetary Fund has warned that the growing divide between the haves and have-nots is leading to slower global growth.

Oxfam said the wealth gap in the UK was becoming more entrenched as a result of the ability of the better off to capture the lion’s share of the proceeds of growth. Since the mid-1990s, the incomes of the top 0.1% have grown by £461 a week or £24,000 a year. By contrast, the bottom 90% have seen a real terms increase of only £2.82 a week or £147 a year.

The charity said the trends in income had been made even more adverse by increases in the cost of living over the past decade. “Since 2003 the majority of the British public (95%) have seen a 12% real terms drop in their disposable income after housing costs, while the richest 5% of the population have seen their disposable income increase.”

Osborne will this week announce details of the government’s new cap on the welfare budget and has indicated that he wants up to £12bn a year cut from the benefits bill in order to limit the impact of future rounds of austerity on Whitehall departments.

Oxfam said that for the first time more working households were in poverty than non-working ones, and predicted that the number of children living below the poverty line could increase by 800,000 by 2020. It said cuts to social security and public services were meshing with falling real incomes and a rising cost of living to create a “deeply damaging situation” in which millions were struggling to get by.

The charity said that starting with this week’s budget, the government should balance its books by raising revenues from those that could afford it – “by clamping down on companies and individuals who avoid paying their fair share of tax and starting to explore greater taxation of extreme wealth”.

The IMF recently released research showing that the ever-greater concentration of wealth and income hindered growth and said redistribution would not just reduce inequality but would be economically beneficial.

“On average, across countries and over time, the things that governments have typically done to redistribute do not seem to have led to bad growth outcomes, unless they were extreme”, the IMF said in a research paper. “And the resulting narrowing of inequality helped support faster and more durable growth, apart from ethical, political or broader social considerations.”

Phillips said: “Increasing inequality is a sign of economic failure rather than success. It’s far from inevitable – a result of political choices that can be reversed. It’s time for our leaders to stand up and be counted on this issue.”

Landed gentry to self-made millionaires

Duke of Westminster (Wealth: £7.9bn)

Gerald Grosvenor and his family owe the bulk of their wealth to owning 77 hectares (190 acres) of Mayfair and Belgravia, adjacent to Buckingham Palace and prime London real estate.

As the value of land rockets in the capital so too does the personal wealth of Grosvenor, formally the sixth Duke of Westminster and one of seven god parents to the new royal baby, Prince George.

The family also own 39,000 hectares in Scotland and 13,000 hectares in Spain, while their privately owned Grosvenor Estate property group has $20bn (£12bn) worth of assets under managemenSpaint including the Liverpool One shopping mall, according to leading US business magazine Forbes.

Reuben brothers (£6.9bn)

Simon and David Reuben made their early money out of metals. Born in India but brought up in London, they started in local scrap metal but branched out into trading tin and aluminium.

Their biggest break was to move into Russia just after the break-up of the Soviet Union, buying up half the country’s aluminium production facilities and befriending Oleg Deripaska, the oligarch associate of Nat Rothschild and Peter Mandelson.

The Reuben brothers are still involved in mining and metals but control a widely diversified business empire that includes property, 850 British pubs, and luxury yacht-maker Kristal Waters. They are also donors to the Conservative party.

Hinduja brothers (£6bn)

Srichand and Gopichand Hinduja co-chair the Hinduja Group, a multinational conglomerate with a presence in 37 countries and businesses ranging from trucks and lubricants to banking and healthcare.

They began their careers working in their father’s textile and trading businesses in Mumbai and Tehran, Iran but soon branched out by buying truck maker, Ashok Leyland from British Leyland and Gulf Oil from Chevron in the 1980s, while establishing banks in Switzerland and India in the 1990s.

The family’s London home is a mansion on Carlton House Terrace, overlooking St James Park and just along fromclose to Buckingham Palace, which is potentially worth £300m. They have links with the Labour party.

Cadogan family (£4bn)

The wealth of the Cadogans family is built on 90 acres36 hectares of property and land in Chelsea and Knightsbridge, west London.

Eton-educated Charles is the eighth Earl of Cadogan and ran the family business, Cadogan Estates, until 2012 when he handed it over to his son Edward, Viscount Chelsea.

Charles, who is a first cousin to the Aga Khan, started in the Coldstream Guards before going into the City.

He was briefly chairman of Chelsea Football Club in the early 1980s and his family motto is: “He who envies is the lesser man.”

Mike Ashley (£3.3bn)

Ashley owns Newcastle United football club and became a billionaire through his Sports Direct discount clothing chain which he started after leaving school.

He was the sole owner of the fast growing business, which snapped up brands such as Dunlop, Slazenger, Karrimor and Lonsdale, until it floated on the stock market in 2007. He now owns 62%.

Ashley is a regular visitor to London’s swankiest casinos but is famously publicity-averse

Source – Welfare News Service,  17 March 2014

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