(Original post by JPKC)
Fair enough. Here are some good things the Bill would do:
Reduce national income tax for those earning below £20,000 to 0%.
Cut taxes for small/medium businesses by 50%.
Reduce the nation's deficit without harmful cuts to public services.
It does this by raising an FTT - a 0.01% tax on the price of a trade on the capital market.
The FTT is good because it's progressive: it's a tax that only a very small group of people will be affected by. It's also very small itself - 5x smaller than a Robin Hood Tax (see the video in the Notes). It also will have a minimal impact on the UK as a financial centre, because the Bill massively doubles deposit insurance - something financial institutions will very much like. And that doesn't even factor in the other points that make the UK competitive in finance.
Overall a good bill for those that think the financial sector should pay a bit more to help the rest of the economy out. This Bill cuts taxes for the 99%.
This was posted from The Student Room's iPhone/iPad App
Thanks for the advice. I'll take it on board when casting my vote in the lobby.
I'm not convinced that this will do anything to make the banking system more stable. I think the stability fund makes itself a self-fulfilling prophecy and the FTT will be hugely damaging. It's all the same problems (mostly missing the point) that I went through in the first original reading.