This is quite good: It's US and I'd place the emphasis slightly differently, but it's well worth watching:
Real answer: we need more tax.
We only get that when most people proper.
The current system means most people don't prosper.
So we need to build strength of economy, have real and sustainable growth (not financial growth) and need to redistribute as trickle down does not work.
Hat tip: Touchstone blog
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Richard, at the end of the video, there’s a link to ‘How the world works: the critique’, but someone else. I’d be interested to know what you think of that.
Sorry, it’s called The Truth about the Economy: the critique.
Thanks
Rather than “trickle down”, someone nicely gave it an alternative title of “flood up”, a much more accurate description.
Would it be too wild and naive to suggest that the state could put a small tax on the astronomical amounts that are gambled with on the currency markets? Amounts that run into hundreds of billions of pounds a week?
Say for arguments sake the amount gambled with on the currency markets was £400 billion (probably quite an underestimate), that would be £20.8 trillion a year. A 0.5% tax on this would raise £104 billion a year. This could effectively act as a form of capital control and keep over £100billion per year for investment rather than pouring out of the country chasing quick profits.
As I have already said, this is a stab in the dark and maybe there are other factors I haven’t taken into account. However, if we must keep casino capitalism, then I see no reason why its riches cannot be taxed.
0.5% as a stamp duty is fine. They’re also buying and selling things (in their abstract way) so VAT should surely come into the mix?
…and they’re gambling so gaming duty could be appropriate. Doesn’t seem to have put people off wagering on the nags.