The task of putting the country back on its feet will be a herculean one; the funds required are considerable, but available, see below for some detail. We will calculate the costs of our plans and work out how to raise the funds accordingly, with war and global climate collapse on our doorstep now is not the time for “computer says no”. When Tyrion became Master of coin, Lord Baelish advised him to remember that it’s just numbers on a piece of paper. Those numbers are now just bits in computers. Causing politicians to ruin lives, countries and eco-systems; with data centres pumping out heat which will ultimately bring about their own demise. Will A.I. realise it’s committing suicide?
We will provide H.M.R.C. with the funds, tools and staff to ensure an end to tax evasion and avoidance. Heathrow expansion and new nuclear plants will be cancelled.
Corporation tax will be progressive.
Secondments to the Treasury from tax avoidance firms will be ended. Tax avoidance firms will pay a progressive tax on the tax avoided and be subject to rigorous auditing; non-compliance will be a custodial offence and prosecutions will be assiduously pursued.
A national investment authority will be created- channelling long term finance toward infrastructure and decarbonisation. Board representation going beyond business to include labour, consumer and environmental interests.
A Royal commission will be held on odious debt; including public/private finance initiative schemes. Service providers which have continually failed to deliver expectations may be fined; highly re-numerated individuals within these operations may be personally liable.
A further Royal commission will be held into pension provision; an industry almost entirely peopled by charlatans. Service providers which have continually failed to deliver expectations may be fined; highly re-numerated individuals within these operations may be personally liable.
Progressive income tax bands will be re-introduced. The rates of tax on rental income will increase according to the number of properties owned.
Financial institutions will be properly regulated, countries which best withstood the 2008 financial crisis will have their regulation perused for best practice.
The office for budget responsibility will be renamed something less childishly emotive.
The F.T.S.E. is an index. Once it passes a certain point it fails to provide its core function. Indeed it ceases to be an index and becomes a self-fulfilling prophecy when the market is overtaken by speculation, or panic. It will be re-set to 100 (using the previous 12-month average) in order to make the index functional. It will be automatically re-set when passing 50 or 200. Consideration will be given to re-setting every ten years.
Companies will be only allowed to pay dividends from operating profits, debts must be reduced to a manageable level and pension black holes filled in first.
All high street financial institutions to pay for a combined branch network. Staff will be able to access the network of all service providers. Staff will be employed by the network not individual banks or building societies, so being able to provide unbiased advice. This will provide a national banking service, financial operations will buy in as their overall costs will fall.
The Church of England will be dissolved; if we take the money it must mean that God wants us to have it.
The bail out of RBS left the treasury ten billion pounds poorer; the RBS is now paying dividends to shareholders- they can afford to repay the public purse; with interest.
The bankruptcy algorithm will be amended; smaller creditors will no longer be at the end of the queue.
We will introduce online transaction tax aimed at operators not consumers.
The offshore estate will become the property of the Treasury.
The Bank of England will be tasked to cease issuing; and in due course, buy back, timeless bonds.
Investment in any equipment (including tech and digital) to be treated as a capital investment rather than an operating expense, encouraging long term planning.
The sums are huge; but many serious professionals have made plausible proposals to raise government income and reduce expenditure. Our proposals include:
Progressive taxation at the same rate for income from dividends. Inheritance tax will also be progressive.
Introduction of land bank and wealth taxes.
Serious fines for polluters, removing the incentive to cheat, catching all who do and giving custodial sentences.
Bring tax relief on pension contributions back to the standard rate.
End of life pension funds will be wound up into the sovereign wealth fund.
The fractions of pence earned as interest but kept by financial institutions will be taxed at 100%.
Rip off the solutions of Patriotic millionaires and Tax justice UK.