Old Socialist attempts…
The title @rcolvile’s latest of attack on Keir Starmer political motives leaves The Reader in the dark confronting ‘The problem with a tax regime built on golden geese is that they can fly away’ the burning question is, who are these Golden Geese? Could this be what Colevile is attempting to describe?
9 Jul 202410.15 EDT
Closing summary
The vacuum cleaner and air-filter maker Dyson is cutting about 1,000 jobs in the UK as part of a global restructure, reducing its British workforce by more than a quarter.
Staff were told on Tuesday morning about the cuts as part of moves to reduce the business’s 15,000-strong workforce around the world amid a wider cost-cutting drive.
Dyson, which is known for its bagless vacuum cleaner as well as hand-dryers and bladeless fans, has 3,500 UK employees, with offices in Wiltshire, Bristol and London. The review that led to the decision began some time before the general election was announced in May.
Or could the culprit be Mariana Mazzucato : Professor in the Economics of Innovation and Public Value at University College London where she is the founding director of the UCL Institute for Innovation and Public Purpose.
Her work challenges orthodox thinking about the role of the state and the private sector in driving innovation; how economic value is created, measured and shared; and how market-shaping policy can be designed in a ‘mission oriented way’ to solve the grand challenges facing humanity. She is winner of international prizes including the 2020 John von Neumann Award and the 2018 Leontief Prize for Advancing the Frontiers of Economic Thought.
History tells us that innovation is an outcome of a massive collective effort – not just from a narrow group of young white men in California. If we want to solve the world’s biggest problems, we better understand that.
Mariana Mazzucato, Wired interview
In these paragraphs Colvile riffs on themes of @Jacob_Rees_Mogg , in sum of Rich Men as the perpetual victims of political opportunists!
In the face of Tory harassment during the campaign, Labour ruled out increasing all manner of taxes on “working people” — although its definition of “working people” turned out to exclude quite a large chunk of the population, not least those who pay for their own children’s education. And if you rule out “working people”, that just leaves “the rich”.
But that’s a problem, because our tax system rests on an incredibly narrow base. The latest statistics, published a few days before the election, show that the top 1 per cent of earners pay an astonishing 28 per cent of income tax. That comes to £85 billion, or roughly three times the amount paid by the entire bottom half of the workforce. Indeed, for all the stereotypes about the Tories, in their 14 years they steadily took more of high earners’ salaries, and less from that bottom half, than Labour ever did.
The problem with a tax regime built around golden geese, however, is that they can always fly away. And pretty much all of the rumoured tax rises are ones that might prompt them to do so. Capital gains. Inheritance tax. High-earners’ pensions. Making it harder to pass companies to the next generation.
Reader there are still 339 words left ! I hope my summery offers some insights, that will make the remainder of your inquiry rewarding! I’ll provide a sampler of the remaining Covile’s examples of what Starmer’s misbegotten Economics presages for ‘British Economic Growth’ the great mirage of Neo-Liberalism and Thatcherism’s utter failure to connect to the singular idea of ‘Development’ of Manfred Max-Neef !
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There is a paradox here. Labour’s economic strategy is built on attracting private investment, to deliver the state’s objectives on decarbonisation, housing and so on. But its taxes will fall on private investors.
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Indeed, there is widespread consensus in the City that the abolition of non-dom status amounts to a titanic act of self-harm. On the latest figures, the 37,800 non-doms paying on a “remittance” basis (ie, being taxed only on their UK income and assets) contributed £6.5 billion in taxes — to say nothing of the companies they ran or goods they bought. Yet significant numbers of the highest earners are already taking that cash elsewhere, to the point where you could go through The Sunday Times Rich List with a marker pen.
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The core problem for most is not the level of tax — many would be happy to stump up much more to stay in Britain — but Labour’s likely insistence that they pay inheritance tax on all their assets and investments, whether or not they have anything to do with the UK. As one put it to me: “We can afford to live here. We just can’t afford to die here.”
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They are the inevitable consequence of low growth, high inflation, excess borrowing, a global pandemic and an ageing population — in other words, a toxic combination of long-term pressures and temporary emergencies.
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As the new chancellor recognises, the only sustainable way to get us out of this mess is to drive up the rate of growth. The danger is that by targeting the wealthy as a short-term fix, she will make that even harder.
Mr. Colvile is a Thatcherite Political Romantic and Propagandist, and has no interest in the Economic Utopianism of Manfred Max-Neef , nor of Jeremy Corbyn’s Left-Wing Social Democracy. Thatcherism was, is, and remains about the Primacy of The Market, as the singularity that defines the human endeavor.
Old Socialist
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