Kwasi Kwarteng is right to U-turn on one of his #taxcuts for the rich, but he needs to go back to the drawing board and come up with a vastly different plan if he wants to tackle the #costofliving scandal and reassure the markets and the country.
1/6
1/6
There is no evidence that lower taxes will yield higher investment or growth.
But we know that lower taxes will reduce support for those that need it the most, and deprive public services on the verge of collapse of much needed investment.
2/6
But we know that lower taxes will reduce support for those that need it the most, and deprive public services on the verge of collapse of much needed investment.
2/6
If the Chancellor is serious about tackling the cost of living scandal and shoring up the economy he will scrap planned tax cuts for the rich and instead:
3/6
3/6
1. Provide additional protections for families on low to modest incomes with a cost of living allowance of £750 & boost to benefits to cover the energy bill increase. Paid for by toughening the #windfalltax on energy producers and increasing the tax paid on wealth.
4/6
4/6
2. A plan to avoid future energy crises, including a #GreatHomesUpgrade to reduce the energy we need by insulating millions of homes, introducing a system of free basic energy, and ramping up production of #cleanenergy through co-operative, public-owned providers.
5/6
5/6
Cutting taxes for millionaires and billionaires has never driven growth. Investing in the industries of the future has.
Now, the Chancellor can create growth by investing in green solutions: tackling our economic crisis and #climatecrisis at the same time.
6/6
Now, the Chancellor can create growth by investing in green solutions: tackling our economic crisis and #climatecrisis at the same time.
6/6
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