Are You a Fair Minded person who prefers Truth then consider what the True & Fair Party Offer.
In 2014 Simon Thorpe, a financial analyst and blogger, wrote exclusively about the need for a Financial Transaction Tax in the UK, instead Cameron and Osborne brought in Austerity, an Ideological Political Choice, and we have all seen where that has brought us to.
I believe that Simon’s arguments are sound as an FTT would be a powerful tool for promoting financial stability and protecting Society. It would also generate a substantial amount of revenue that could be used to fund Public Services.
Here are some of the benefits of an FTT:
- Reduce the risk of a Financial Crisis.
- Raise revenue of Billions of Pounds that could fund all Public services.
- Make the financial system fairer by ensuring Everyone pays their fair share.
- Promote long term investment that would help Economic growth and create jobs.
An FTT is an effective and fair way to raise Revenue as ALL Financial Transactions are Taxed so Everyone pays their fair share relative to their expenditure.
This quote is from Simon’s blog in 2014;-
“In the end, as I have argued repeatedly, it looks very likely that the value of UK Financial Transactions is around 4,000 times larger that Total UK Tax Revenue. And that means an intelligent and responsible Government could effectively replace the existing Tax system with a miniscule Financial transaction tax of around 0.025%”.
To enable change now in 2024 that 0.025% could be increased to 0.1% and that would hurt No Billionaire, Millionaire, Ordinary Tax Payer or Non Tax Payer and would raise between £2.5 Trillion and £3 Trillion based on an estimated £2.5 Quadrillion to £3 Quadrillion current Financial transactions in the System.
All other Taxes in UK could be cancelled and so could ALL State Pensions and State benefits as a Universal basic income of c£1500 per month, greater that those, could be paid to ALL over 16 years of age, be they working or not.
Every £ spent in the Economy would be taxed and this would Benefit ALL in Society.
It just requires Bankers and Politicians to work for the Benefit of Society and for AI to be used to ensure ALL Financial Transactions are taxed at 0.1% wherever they occur in the Banking and Finance System.
To Grow the Economy one needs Consumers who spend money in the Economy to have the resources to do that, be they Fair Wages or a UBI and the FTT at 0.1% would enable that.
Authored by Alan Bowman. A True & Fair Party member.