The most striking impression I got from the Party Leaders’ Debate was how similar the so-called ‘major parties’ are when it comes to economic policy. They all agree that there will have to be deep cuts in government spending as a result of the economic recession which will severely affect public services. However, during the debate all three leaders sought to disguise what is in store for families the length and breadth of Britain by putting forward schemes that will supposedly shield the public from hardships.
We in the SSP, unlike the ‘major parties’, maintain that the general public do not have to bear the brunt for an economic recession which was none of their making. There are alternatives to the cuts that would in fact mean an increase in public spending to improve public services and create jobs. These include:
- Taking control of the UK banks assets and capital, estimated to be in the region of £5 trillion and £560 billion respectively.
- Taxing the rich by for example imposing a 90% tax rate on income over £100,000.
- Raising corporation tax which has been cut by successive governments from 45% to 28%. A doubling of corporation tax would yield about £45 billion annually
- Reducing defence spending by withdrawing troops from Afghanistan and scrapping nuclear weapons would save over £30 billion every year.
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