This is the last article you can read this month
You can read more article this month
You can read more articles this month
Sorry your limit is up for this month
A CRACKDOWN on tax avoidence proposed by Jeremy Corbyn yesterday could end austerity politics at a stroke, according to economist Richard Murphy.
In a speech on economic policy, Mr Corbyn set out plans to collect the £120 billion lost every year through tax avoidance, evasion and uncollected tax debt.
He promised a tough anti-avoidance law, the closure of tax relief exploited by the rich and a complete reversal of staffing cuts at HM Revenue and Customs.
“Whatever tax laws we pass, we won’t get a progressive tax system in reality unless we can enforce it and collect the tax we are owed,” he said.
The vast sum owed to the Treasury would be enough to give every man, woman and child in the country £2,000 or double the NHS budget.
Tax Justice Network’s Mr Murphy praised the Labour leadership hopeful as a “rare politician putting forward a plan that could benefit everyone in the UK.”
HMRC estimates there is around £35bn in uncollected tax, but Mr Murphy points out they have excluded notorious offshore businesses such as Starbucks, Google and Amazon.
He said recouping just some of the cash would “change the political agenda.
“Tackling the tax gap could raise billions more than this government says is possible,” he told a meeting of Mr Corbyn’s supporters.
Mr Corbyn has worked with the economist to develop a proposal for a government-owned investment bank.
A national investment bank would ensure that public cash reaches British industry and small business, rather than the City of London.
Mr Murphy explained it would “have the aim of funding new housing, infrastructure, sustainable technology and so much more that would guarantee jobs in every constituency in the UK.”
On personal taxation, Mr Corbyn said he would “ask those who have been fortunate to contribute a little more,” although he did not specify what he wanted the top rate of tax to be.
Camden Unison convenor George Binette also raised the issue of a luxury goods tax.
But Mr Murphy said “the EU won’t let us do that” because national parliaments are banned from varying rates of VAT.
You can’t buy a revolution, but you can help the only daily paper in Britain that’s fighting for one by joining the 501 club.
Just £5 a month gives you the opportunity to win one of 17 prizes, from £25 to the £501 jackpot.
By becoming a 501 Club member you are helping the Morning Star cover its printing, distribution and staff costs — help keep our paper thriving by joining!
You can’t buy a revolution, but you can help the only daily paper in Britain that’s fighting for one by become a member of the People’s Printing Press Society.
The Morning Star is a readers’ co-operative, which means you can become an owner of the paper too by buying shares in the society.
Shares are £1 each — though unlike capitalist firms, each shareholder has an equal say. Money from shares contributes directly to keep our paper thriving.
Some union branches have taken out shares of over £500 and individuals over £100.
You can’t buy a revolution, but you can help the only daily paper in Britain that’s fighting for one by donating to the Fighting Fund.
The Morning Star is unique, as a lone socialist voice in a sea of corporate media. We offer a platform for those who would otherwise never be listened to, coverage of stories that would otherwise be buried.
The rich don’t like us, and they don’t advertise with us, so we rely on you, our readers and friends. With a regular donation to our monthly Fighting Fund, we can continue to thumb our noses at the fat cats and tell truth to power.
Donate today and make a regular contribution.