As the FT has noted this morning:
John Glen, City minister, has vowed that Britain's financial services sector will enjoy “competitive tax rates” as he paved the way for a Budget cut to the 8 per cent surcharge on the sector.
The same article also noted that the government was reviewing the cap on bankers' bonuses, which was an EU requirement. The aim is to boost the City of London.
So, as large numbers of working people in the UK face increased NIC, consumer price inflation, massive employment uncertainty, cuts in universal credit, and straightforward shortages because business cannot plan how to get out of a paper bag, let alone recover from an economic lockdown, the City's bankers face tax cuts and bigger bonuses.
You really cannot make this stuff up. When the government talks about levelling up it fails to mention that the actual plan is to increase inequality, considerably. That's what the evidence shows. Let's ignore the rhetoric and look at the reality. That reality is that this remains an economy run for the benefit of the City. Everyone else is incidental. It's really not hard to work that out, and people will.
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This seems to me all about boosting GDP figures (and talking up the economy) without realising that once again its shifting output to the the top of society whilst beggaring the rest of it.
It’s the stupid of stupidity.
A decent City minister might implement optimal tax theory, 70% tax on salaries over 250k including bonuses.
As for levelling up, I wonder how long it will take for people to realise, the government are not serious.
I hope not long
So no change, just more of the same.
Scotland can do so much better.
But the Western World is lost in this neoliberal nonsense so it’s a hell of a task.
Who talks about an alternative moral philosophy term to replace neoliberalism?
Follow the money as ever – the Tory’s biggest donors are in the City, plus of course the construction sector. Both sectors favoured by the government whilst both fail the country.
bigger bonuses means more income tax take and NI take though so isnt this perversely a good thing from a tax revenue perspective?
No
Because inequality will have increased