The Budget at the end of October will set the course for the rest of this parliament. Green MPs do not accept the need for public spending cuts. On the 4th July, the public didn’t vote for things to get worse.
We want a bold budget for investment in our broken public services and the green economy of the future. By increasing taxes on the wealthiest and reforming the entire system, we can avoid slashing public spending or cuts to winter fuel allowance. This fairer approach will also deliver something that is in short supply in Labour’s plans – real hope.
The Green Party wants tax changes to generate the funds needed to increase public health budgets to 2015/16 levels and boost GP funding; enable the government to restore social care charging reforms; restore and increase funding for nature-friendly farming and embark on a major programme of home insulation.
We need to invest in defending public services and protecting our environment – and we can do so with some changes to the tax system to ask the wealthiest in society to pay a little more. These tax changes are modest by the standards of many other European countries who recognise that having high quality public services and a greener economy needs investment.
This government risks pushing more people into poverty. They have removed winter fuel payments for pensioners and won’t budge on the cruel two-child benefit cap. Meanwhile, our NHS is severely overstretched, and this government has reduced funding for nature-friendly farming, just as this crucial scheme was starting to take off.
We can tackle poverty and inequality, improve wellbeing and protect our environment. These are political choices.
There are several vital proposals that Green MPs are calling for in the October budge, including:
- Introduce a wealth tax on multi-millionaires and billionaires
- Reform Capital Gains Tax so it aligns with income tax rates
- Align tax rates on investment income with National Insurance rates on employment income
- Remove the Upper Earnings Limit on National Insurance – stopping the tax break for higher earners.
- Reform inheritance tax, ensuring that intergenerational transfers of wealth are taxed more fairly
- Close the loopholes in the fossil windfall tax
- Raise fuel duty to speed up the move to electric vehicles and generate funds to invest in public transport, active travel and fixing our potholed roads