{"id":70333,"date":"2023-06-13T07:51:53","date_gmt":"2023-06-13T06:51:53","guid":{"rendered":"https:\/\/www.taxresearch.org.uk\/Blog\/?p=70333"},"modified":"2023-06-13T08:40:35","modified_gmt":"2023-06-13T07:40:35","slug":"hope-to-fund-labours-28-billion-spending-plan-and-more","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2023\/06\/13\/hope-to-fund-labours-28-billion-spending-plan-and-more\/","title":{"rendered":"How to fund Labour\u2019s \u00a328 billion spending plan, and more"},"content":{"rendered":"

My Green New Deal Group and Finance for the Future colleague, Colin Hines, has this letter in the Guardian this morning:<\/em><\/p>\n

\n

Your editorial<\/a> (9 June) is correct to call Rachel Reeves\u2019 retreat from her \u00a328bn annual commitment on green investment an example of the renewal of a failed economic consensus. This has seen Labour aping Jeremy Hunt\u2019s ludicrous emphasis on reducing the national debt. Instead, Labour must become leader of a pack of opposition parties all demanding a massive increase in expenditure on social and green infrastructure, and on the wages and conditions of those working in these areas. One recent estimate suggests<\/a>that to achieve this, the next government will need to invest \u00a3220bn per year.<\/p>\n

All opposition parties should promise the next parliament will use its powers to provide the money needed to fix broken Britain. This can come from three sources. First, the estimated \u00a355bn a year<\/a> of tax breaks for pension savers must be redesigned to support employment-creating investment with social and environmental goals, as should some of the \u00a370bn a year<\/a> saved tax-free in Isas \u2013 a much-needed exercise in intergenerational solidarity.<\/p>\n

Second, increased revenue from a fairer taxation system, where the wealthier contribute far more. Finally, as a backstop for any funding shortfalls, quantitative easing should be restarted. What Labour<\/a> and indeed all the opposition parties have got to grasp is that you can\u2019t have the necessary equivalent of Roosevelt\u2019s New Deal without a massive increase in new debt. The \u00a328bn is a mere down payment.<\/p>\n

Colin Hines<\/strong>
\nConven<\/em>er, UK Green New Deal Group<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

My Green New Deal Group and Finance for the Future colleague, Colin Hines, has this letter in the Guardian this morning: Your editorial (9 June)
 Read the full article…<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,108,74,118,106],"tags":[],"class_list":["post-70333","post","type-post","status-publish","format-standard","hentry","category-economics","category-environment","category-green-new-deal","category-labour","category-politics"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/70333","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=70333"}],"version-history":[{"count":2,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/70333\/revisions"}],"predecessor-version":[{"id":70338,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/70333\/revisions\/70338"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=70333"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=70333"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=70333"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}