Increase Taxes To Make The Economy Fair

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June 25th 2022
Tax Week 12
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Increase Taxes To Make The Economy Fair

Archbishop of Canterbury supports high tax, high spend policies outlined by IPPR report to balance unfair economy.

The IPPR, a progressive policy think tank has released the results of a two year report on researching the UK's unequal economy and broken housing market.

The report argues that the economy is not working for millions, with average income stagnating in real terms for over a decade and young people ending up worse off than their parents. The gap between north and south is increasing. Much of these symptoms are caused through a lack of investment spanning over thirty years. Overall, a ten part plan is put forward with more than seventy recommendations to move toward a prosperous, fair economy.

Some key points raised from the poll of over 1,300 people included:

  • Raise taxes on income from wealth to the same level as employment taxes.
  • At least two workers should be on the boards of big companies.
  • The Bank of England should create policies to control house price inflation.
  • Higher regulation of Social Media companies and tech giants like Google and Facebook.
  • Create a new profits tax on multinationals.
  • Raise the minimum wage to £8.75 per hour, equivalent to the living wage. Set the minimum wage for zero hour contracts 20 percent above this level.
  • Create a public-owned investment bank.
  • Increase government borrowing, then spend on investment in public services and infrastructure.
  • Remove inheritance tax and replace with a lifetime gift tax on gifted income over £125,000.

Justin Welby, the Archbishop of Canterbury and leading member of the commission was speaking in support of the suggestions at the launch of the report, which states 49 percent of people believe the UK economy is unfair - with younger people, remain voters, Labour voters and women more likely to believe the economy is unfair.

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