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Believe in Independence: an evening with …

Independence Special: Speakers and Stovies

Advocates of Scotland’s Independence are meeting at Brechin’s Caledonian Hotel. Join us for an evening of discussion on how to use the next UK General Election
to further Independence. Chaired by Independent candidate Eva Comrie the panel includes Leanne Tervit (Dunfermline candidate), Kenny Braes (SNP), Allan Petrie, Sally Hughes (Independent), Peter A Bell and Neale Hanvey (ALBA). Plenty of opportunities for audience questions. Independence Live will be streaming this event. Stovies available at the bar.

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Previously on What's on Guide

LIVE SCOTONOMICS SPECIAL with Professor Richard Murphy

This month marks the start of a new tax year, during which we will inevitably have a new government.

To mark this event Professor Murphey has published the Taxing Wealth
Report 2024.

This report seeks to answer the question that everyone loves to ask of every politician, which is ‘how are you going to pay for it?’

What we know is that Labour is acting as if it still believes Liam Byrne’s 2010 claim that ‘there is no money left’.

In the Taxing Wealth Report, I show that by making up to thirty relatively simple changes to existing UK taxes, up to £90 billion of new tax revenue could be raised a year, entirely from those who are well off or who are straightforwardly wealthy.

A summary of the proposals made in the report is available here. https://taxingwealth.uk/wp-content/uploads/2024/04/Taxing-Wealth-Report-2024-Summary.pdf

Some of the suggestions made, and the amounts that they might raise in additional tax, are as follows:

1) Charging capital gains to tax at the same rate as income tax would raise £12 billion of extra tax per annum.

2) Restricting the rate of tax relief on pensions to the basic rate of income tax, whatever tax rate a person pays, would raise £14.5 billion of extra tax per annum.

3) Charging VAT on the supply of financial services, which are inevitably consumed by the best off, could raise £8.7 bn of extra tax per annum.

4) Charging an investment income surcharge of 15% on income above a tax free level (which could be set much higher for pensioners) earned from interest, dividends, rents and other sources might raise £18 bn of extra tax per annum. Lower rates could, of course, be charged.

5) Charging national insurance at the same rate on all earned income, whatever its amount above the existing minimum, might raise up to £12.5 bn of extra tax per annum.

6) Investing £1 billion in HMRC so that it might collect all tax owing by the UK’s 5 million or so companies when 30% of that sum goes unpaid at present might raise £12 billion per annum.

In addition, the report suggests that if the tax incentives for saving in ISAs and pensions were changed so that all new ISA funds and 25% of all new pension contributions were required to be saved in ways that might help fund new infrastructure projects in the UK, including those linked to climate change, then up to £100 billion of funds might be made available for that purpose a year.

Many people in the UK fear that Labour might form a new government this year but will not change anything because of its commitment to harsh fiscal rules that promise more austerity. The Taxing Wealth Report 2024 shows that this austerity is not necessary. The existing tax system only needs to be made a bit fairer, and the funding required to transform our society would be available.
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