{"id":10306,"date":"2011-06-05T17:31:11","date_gmt":"2011-06-05T16:31:11","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=10306"},"modified":"2011-06-05T17:31:11","modified_gmt":"2011-06-05T16:31:11","slug":"ed-balls-starts-to-roll-but-theres-so-much-more-could-be-done-if-he-gathers-pace","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2011\/06\/05\/ed-balls-starts-to-roll-but-theres-so-much-more-could-be-done-if-he-gathers-pace\/","title":{"rendered":"Ed Balls starts to roll…but there’s so much more could be done if he gathers pace"},"content":{"rendered":"

As the Observer notes today:<\/a><\/p>\n

Labour will attempt to lead a cross-party rebellion to enforce a new \u00a32bn tax on bankers to fund a back-to-work scheme for jobless\u00a0young people, the shadow chancellor,\u00a0Ed Balls, said on Sunday.<\/p>\n

Balls is calling on rebel Tory and Lib Dem MPs to back the plan \u2014 an extension of a Labour tax on bankers' bonuses \u2014 in a vote in the Commons later this month. It would provide \u00a31.2bn for a house-building scheme to provide low-cost homes and create 20,000 new jobs, \u00a3600m in payments to employers to take 90,000 more under-25s and \u00a3200m forunemployment \"blackspots\" around the country.<\/p><\/blockquote>\n

This is welcome: it's a really good start.<\/p>\n

But just imagine\u00a0what\u00a0\u00a320\u00a0billion\u00a0raised from tackling tax\u00a0evasion\u00a0and tax avoidance<\/a> could do\u00a0each\u00a0year? I believe that much is possible. And yes, I do believe that the state could spend it much more productively than those who have it now.<\/p>\n

And then just imagine what \u00a320 billion of investment in new wealth creation in the UK<\/a> a year, paid for by requiring one quarter of all money\u00a0invested in UK pension funds to go into new job creating opportunities could also do?<\/p>\n

We could have an economy firing on all cylinders.<\/p>\n

That's not a pipe dream: that's a choice open to us.<\/p>\n

It's what people writing in the Observer called for today<\/a>.<\/p>\n

Labour really needs to\u00a0deliver\u00a0it.<\/p>\n","protected":false},"excerpt":{"rendered":"

As the Observer notes today: Labour will attempt to lead a cross-party rebellion to enforce a new \u00a32bn tax on bankers to fund a back-to-work
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