Greens’ tax rises are modest, insists co-leader

by | Jun 24, 2024 | Politics

23 hours agoThe co-leader of the Greens has defended the scale of his party’s tax plans, calling them “fairly modest” by European standards.Adrian Ramsay told the BBC the extra £172bn per year his party would raise by 2030 was needed for public services and lowering carbon emissions.The Institute for Fiscal Studies (IFS) has accused the party of making “wholly unattainable” promises to voters. But Mr Ramsay said his party’s proposals would take the UK “closer to where the average European country is”.In an interview with the BBC’s Nick Robinson, he said the Greens were the “only party being honest” about the need for additional revenue.It is Labour and the Conservatives, he added, that are “way out of step with what other countries are doing”.Both parties plan to keep tax rates frozen until 2028, dragging more people into higher bands as wages rise.But amid the backdrop of rising debt and the UK’s overall tax levels rising to a post-war high in the wake of Covid, they have been otherwise reluctant to propose large-scale tax increases.By contrast, the Green Party of England and Wales says it wants to raise an additional £172bn in tax annually by the end of the decade to fund extra investment in public services, particularly the NHS.It also says it would increase government borrowing by around £80bn a year and spend an extra £90bn on long-term investment in decarbonising the economy, health and education, and social housing. Key to the party’s plans is a proposed new tax on carbon emissions generated by domestic fossil fuel extraction and imports, which it estimates would raise an extra £91bn a year by the end of the decade.It also wants to introduce a 1% “wealth tax” on assets worth over £10m, and 2% on assets worth more than £1bn, and raise National Insurance (NI) on annual wages above £50,270.The IFS think tank has …

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[mwai_chat context=”Let’s have a discussion about this article:nn23 hours agoThe co-leader of the Greens has defended the scale of his party’s tax plans, calling them “fairly modest” by European standards.Adrian Ramsay told the BBC the extra £172bn per year his party would raise by 2030 was needed for public services and lowering carbon emissions.The Institute for Fiscal Studies (IFS) has accused the party of making “wholly unattainable” promises to voters. But Mr Ramsay said his party’s proposals would take the UK “closer to where the average European country is”.In an interview with the BBC’s Nick Robinson, he said the Greens were the “only party being honest” about the need for additional revenue.It is Labour and the Conservatives, he added, that are “way out of step with what other countries are doing”.Both parties plan to keep tax rates frozen until 2028, dragging more people into higher bands as wages rise.But amid the backdrop of rising debt and the UK’s overall tax levels rising to a post-war high in the wake of Covid, they have been otherwise reluctant to propose large-scale tax increases.By contrast, the Green Party of England and Wales says it wants to raise an additional £172bn in tax annually by the end of the decade to fund extra investment in public services, particularly the NHS.It also says it would increase government borrowing by around £80bn a year and spend an extra £90bn on long-term investment in decarbonising the economy, health and education, and social housing. Key to the party’s plans is a proposed new tax on carbon emissions generated by domestic fossil fuel extraction and imports, which it estimates would raise an extra £91bn a year by the end of the decade.It also wants to introduce a 1% “wealth tax” on assets worth over £10m, and 2% on assets worth more than £1bn, and raise National Insurance (NI) on annual wages above £50,270.The IFS think tank has …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]
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