Business Secretary Vince Cable has confirmed the coalition government’s commitment to cut the “50p” top rate of tax: the 50% tax rate payed by all in Britain earning over £150,000 ($236,955). Though Cable advocates a new property tax on mansions, this is a proposal the senior Conservative Party rejects.
This is the same government implementing a brutally vicious austerity program: forcing through budget cuts to education, the trebling of student tuition fees, reduction of healthcare services, welfare for the poor, disabled and terminally ill, employment programs, the closure of libraries, science and arts funding, and the loss of hundreds of thousands of public sector jobs. This £81 billion ($127 billion) austerity program compares to tax evasion and avoidance by the wealthy: an estimated £95 billion ($150 billion) a year, alongside the public subsidy to to free insurance provided to the banks who caused the financial crisis (and deficit) by the Bank of England: £100 billion ($157 billion) per annum. This is the £975 billion ($1.5 trillion) alternative, rejected by the vested and ideological interests giving priority to neoliberal social devastation and privatization.@1 year ago
#austerity #uk politics #david cameron #vince cable #nick clegg #economics