A fair economy for a fairer Britain

It is possible to build a fairer economy and a fairer Britain.

We should target the £120 billion of unpaid, evaded and avoided tax by the super-rich, and we should close corporate tax loopholes and tax havens, saving up to a further £70 billion per year

Leading companies of the banking, insurance and mortgage industries – and their £90 billion of profits and bonuses should be taken fully into public ownership to be run for the benefit of all. The people had to save them. Let us now make sure they are run for the good of all, helping to build a responsible future.

We must regain control of the Bank of England and keep interest rates low.

The City markets must be tightly regulated to facilitate lending and to stop speculation and take-overs against the public interest, and we need to ban hedge funds, raids on pension funds and asset stripping.

Our tax system needs restructuring, so big business and the wealthy pay more and ordinary people pay less. Reducing VAT would boost working people’s spending power and stimulate the economy. A levy a 2% wealth tax on the richest 10% of the population would raise £78 billion a year. A higher rate if income tax on earnings over £50 000 would raise £5 billion a year.

We could raise £10 billion by increasing Corporation Tax to a more reasonable level, £16 billion from a 20% ‘windfall’ tax on the years superprofits in banking, energy, retail, arms and drugs companies, and a further £20 billion a year from a Robin Hood tax (Tobin Tax) on financial transactions.

Such taxation and economic policy – together with a policy for industry and jobs - will more than provide the resources for all the Charter policies.

Some say the rich would run away to other countries if such policies were implemented. But Ireland’s “Don’t tax the rich, don’t regulate the market” policy led the Irish economy to catastrophe. Britain is an advanced country with great infrastructure and a huge number of people. Companies that build things or sell services will always want and need our business. German banks and companies do not run from Germany despite high taxes. They are expected to invest in future jobs and technology for their returns.