The last thing this Labour government needs to deliver is austerity
We have a new government that is dedicated to austerity on the basis of its claim that ‘there is no money left’.
It seems like the right moment to draw attention to the Taxing Wealth Report 2024 again, and the recommendations included in it.
As this table shows, the recommendations in the Report suggest that maybe £90 billion of extra tax could be raised a year after allowing for the significant cost of removing some tax anomalies that are currently unfairly imposed on those with wealth and which would not be required if the overall tax system was made much fairer.
As the table also shows, I also identify how by changing the rules on tax relief on savings up to £100 billion of additional funding to fund investment capital could be secured.
I should also note that significant recommendations for reform of the administration of the tax system are made in the report, many of which are really important.
Why mention all this? Simply because this Report suggests that opportunities exist for Labour to fund any programme it could reasonably desire.
Every recommendation is detailed in the Report, of which versions of varying lengths are available here:
The summary report
The shorter length report
The full report
The point is, however, that choice is available. The only one that is unacceptable is doing nothing.
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