If you want to be successful, don't try to do it in Britain.
The Labour party has announced in the last few months that they would introduce:
- the 50% upper band for anyone earning over £150,000 per annum
- a 'mansion' tax on any properties worth over £2 million
- reduction of tax allowances on pension pots
- 'abolition' of non-dom status for people non resident in the UK
- an increase of 1% in corporation tax
At each point, when the policies have been argued, the Labour party representative has argues that they wouldn't expect it to change any behaviour and so not have a detrimental effect on our economy. But taken together the above policies represent a comprehensive attack on any kind of aspiration, business or successful person.
We know that tax changes behaviour. Otherwise why put tax on alcohol, cigarettes and fuel? The Labour party policies will deter many people from investing in Britain, living here or setting up successful businesses. The message is clear: Ed Miliband prefers the politics of student bar envy to a entrepreneurial economy creating jobs, employing thousands, paying wages and creating a wider tax base. He would prefer to take money from the well off rather than increase the tax take.
Ed Miliband laughs in the face of Arthur Laffer and his curve!
My worry is that people will fall for it. It all sounds so nice to put the 'burden on those with the widest shoulders'. In 2006 the top 1% paid 24% of the UK income tax take, last year that had increased to 27%. I want to know at what point have the rich paid their fair share? 30%, 35%, 40%?
How much longer can we continue to soak the rich before they take their pots of money away and the burden then falls on the poor? How much longer will the golden goose lay its eggs? Not much longer if the leader of the Labour party has its way.
Let's hope that the people of Britain see sense.
Squiffy.
P.S. on another note - I hear Ed Miliband is as decisive as Gordon Brown. Oh God, don't take me back to 2007-2009!
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