But Where Will The Money Come From?

"But where will the money come from?" - This is the typical appeal to fiscal responsibility that you hear from people who should but won't vote Labour. Let me show you where that money went, because we had it in the first place:

- Corporation tax cuts have cost us £110 billion since 2010

- Latest proposals will see another £12 billion lost

- A reduction in the top rate of income tax from 50p to 45p has left an £8.6 billion black hole

- Boris wants to raise the higer rate of income from £50,000 to £80,000 which could cost us £8 billion a year!


And these are just the cuts I could be bothered to find out about! It results in a gross sum of £138.6 billion. Imagine what we could've done with that!

Never mind the tax revenue lost from businesses going into liquidation, people unable to spend or save due to stagnating wages, or business lost from Brexit uncertainty or even leaving the EU etc.

But Wait, There's More!

Taxation is only but a portion of the picture and the work that needs to be done.

As a general rule, a monetarily sovereign nation with a fiat currency can print money for investment as long as it is levied against debt of some kind - bonds, gilts and tax revenues are the most common ways. You must appreciate that this is a very basic explanation and that to understand it further, you'll need to rethink what "debt" actually is and that it is also determined by laws of supply and demand which can lead to inflation.

Remember "quantitative easing" from the 2008 recession? That was essentially the above but was given to businesses and banks in order to keep them afloat. Why can't we do the same for public services and for the well-being of our general population?

I'll tell you why. It's ideological. Austerity and tax cuts are ideological; the Conservatives and Lib Dems use both as a pretext to "slash the state" hoping that the "free market" will take over. This is fiscal neoliberalism in a nutshell. The only problem is that the free market does not care and cannot care.

One Labour's commitments economically, is to end the blight of neoliberalism through restructuring the economy in favour of the majority working class - incentivising the creation of worker cooperatives, giving workers a "hand on the wheel" so to speak through economic democracy, forcing businesses over a certain value to allocate a percentage of their shares to the workers, allowing banks to buy up bonds and thus inject money into the economy to stimulate and strengthen it, ending short-termism in the financial sector, regional devolution of state powers, usage of the Preston Model to stimulate local economies.

I could go on but I really don't think I need to. All of these tax cut and fiscal gerrymandering should have been cancelled and reinvested in public services and the working class of our country. Instead they ended up in the back pocket of people who don't need another fucking yacht.

To the multi-millionaires and billionaires - Pay your fucking taxes.

To the people who refer to them as "wealth creators" - take your head out of their collective arses and have a think about who you're supporting.

Edit: Oh yeah, how could I forget that Failing Grayling blew £2.7 billion on failed projects. Tory fuck ups are a tremendous source of lost wealth.