Independence would give the government a set of economic tools it doesn’t have at the moment.
Currently, @WelshGovernment has minimal powers over taxation and borrowing.
The powers it does have are hamstrung in ways that ensure England is not disadvantaged.
THREAD ⤵️
Currently, @WelshGovernment has minimal powers over taxation and borrowing.
The powers it does have are hamstrung in ways that ensure England is not disadvantaged.
THREAD ⤵️
For example, the UK Treasury has repeatedly refused Welsh Government calls to devolve Air Passenger Duty, unashamedly saying that doing so would give @Cardiff_Airport an advantage over @BristolAirport.
For the most part, the UK Government simply hands Cardiff Bay an annual grant, which @WelshGovernment uses to pay for Welsh services.
This effectively means that Welsh economic policy is made in Westminster, and driven by the needs of the UK as a whole.
This effectively means that Welsh economic policy is made in Westminster, and driven by the needs of the UK as a whole.
Independence would give Wales full control over economic policy.
Not only would we be able to set our own level of taxes: we’d have control over how they’re collected.
No more letting the super-rich dodge their taxes while ordinary people pay theirs.
Not only would we be able to set our own level of taxes: we’d have control over how they’re collected.
No more letting the super-rich dodge their taxes while ordinary people pay theirs.
The tax code could be simplified, taking out many of the loopholes that multinational companies currently exploit.
The UK tax code is 17,000 pages long, while Hong Kong’s is under 300 pages.
Countries like Norway publish all tax returns, so their system is totally transparent.
The UK tax code is 17,000 pages long, while Hong Kong’s is under 300 pages.
Countries like Norway publish all tax returns, so their system is totally transparent.
After independence, Wales would be responsible for regulating its own financial sector.
When the banks went bust in 2008, the UK government decided to bail them out.
When the banks went bust in 2008, the UK government decided to bail them out.
While this had a massive impact on the economy, and on the lives of ordinary people, not a single banker was held to account for gambling with and losing our money.
An independent Wales could set up its own system of regulation, designed to protect everyone, not just the banks.
An independent Wales could set up its own system of regulation, designed to protect everyone, not just the banks.
An independent Wales would have the freedom to implement, very swiftly, many of those ideas that are recognised as essential to our prosperity, such as a development bank that could provide loans for those small and medium-sized businesses that are the lifeblood of our economy.
The possibilities are endless, from infrastructure investment in broadband and transport, to the rapid development of large energy projects, and putting ourselves at the front of the queue in order to attract high-tech manufacturing industries.
All these policies can be embedded within other aspects of development that we value as a country, such as respect for the environment, social justice, and ensuring prosperity and a decent quality of life across all parts of Wales.
None of these things are possible under devolution, but they’d all be on the table if Wales was independent.
🏴 🏴 🏴
Download our "Independence in your Pocket" booklet to understand our approach to #indyWales' future 👉 yes.cymru/independence
🏴 🏴 🏴
Download our "Independence in your Pocket" booklet to understand our approach to #indyWales' future 👉 yes.cymru/independence
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