New Chancellor Jeremy Hunt has warned of “difficult decisions” to come and said “mistakes” had been made after a turbulent few weeks in the markets. Liz Truss’ new Chancellor took the job after Kwasi Kwarteng was sacked on Friday amid continuing fall out from the mini-Budget
Yes, I agree many difficult decisions to come and now is certainly not the time for tax reductions for the persons earning above £150,000.
The gap between the the poor and the rich should be being reduced, when it is really being increased.
So, for a temporary messures a further tax rate should be introduced for those earning above, say £500,000 of around 47% or even more.
The National Living Wage (NLW) is assumed to be the amount needed for persons to live, reasonably, on, so it makes no sense to tax anyone earning below the National Living Wage, therefore the amount for tax to start should be above the NLW and then, always, increased in-line with inflation.
Welfare benefits should also be increased to the NLW and then again always increased in-line with inflation.
Corporation tax should be retained at 20% and it be ensured that every trading organisation is taxed at that amount and the loopholes available to multi-national organisations be fully closed.
Now, austerity, we have already had at least 12 years and now is not a time for more as there should be no more savings to be made, that is, if there was ever before. As in many instances to achieve the levels required essential services had to be cut, when no essential services should ever be cut. So, therefore, no cuts to Health, Social Care, Education and maybe more.
So, we come to Defense, how can cuts be made there, especially with the increased spending required to fund arms for Ukraine, which again is essential, so that Putin, in his quest for power, to not be allowed to retain any part of Ukraine and also give back all the areas he has already took by force. If not, he won’t stop at Ukraine, but take all areas formally under the USSR and maybe many more. He should have been stopped in his quest for Crimea and all others before, but that was down to inaction from Western Governments falling for Putin’s bluster.