It’s not a double whammy!

And it’s back to tax! WTF.  😵  Labour’s income tax proposals will not affect anyone earning under £80K, contrary to the bollocks on Question Time earlier this week. This increase represents the top 5% income earners in the country. Labour propose to tax those on over £80,000 at 45% rather than 40% and increase the rate for those earning over £150K to 50%. (These are marginal rates i.e. they are only paid on that income earned over the threshold. See http://calculate.forlabour.com.

Currently one pay’s zero on the first ~£12,000, 20% in the next ~£35,000, 40% on £46K to 150K and 45% on whatever’s left if you lucky enough to earn that much.

While issues remain about the zero rate claw back, as it impacts benefits package design i.e. encourages tax avoidance by transferring benefits from money to NPBs and particularly in London, this is not unfair; it might be better if another layer was introduced at £¼ million p.a. so that the newly burdened feel that those better off then them are carrying their share of the burden. (We should also work out how to forgive the student debt, since one of things this tax payment will generate is free (higher) education for tax payers and their children.) …  …

I’ll take the high road …

I’ll take the high road …

On a high note, I am glad this week’s election campaigning has ended with some serious policy announcements by Labour, on free internet involving the renationalisation of parts of BT, by John McDonnell and also by Jeremy and earlier in the week, free life long access to higher education led by Angela Rayner. The Manifesto will be agreed tomorrow so let’s hope we can keep this on a high note. It’s quite hard because so many people want to see the election in the gutter.

I have a problem because it’s so easy and not always unamusing. Oh OK! I have to go there! … …

More from Meadway

More from Meadway

I went to one of the local labour political education workshops at which James Meadway was speaking. Odd, since I had been reading of his views, in particular with respect to his contention with MMT; I wrote them up on this blog. but it was good to hear him in person.

I have written about MMT and its contention with the Labour front bench a couple of times and summarised my understanding of the MMT position on International Trade. A couple of years ago I wrote on their views on Monetary vs. Fiscal policy, this latter article also summarises and links to articles critical of MMT.

Meadway emphasised two things, “Not all Currencies are equal”, the dollar is still the international trade denominator. The second point is that making debt default the policy tool to deal with private sector foreign exchange debt is not wise as the biggest FX debt holders are probably HSBC and Barclays. While the UK public sector FX debt is tiny, this private sector debt is not and it’s questionable if we could bail the banks out a second time which since the ring fencing of retail and investment banks is mired in the swamp would jeopardise the people’s savings.

He also emphasised the importance of ownership, investment and universal services as socialist agenda items and thus the creation of an irreversible shift in power; not so sure my memories of Thatcher selling off the Mutuals is evidence that this will work but it will be a powerful manifesto. …

And back home

And back home

I have been told of resignations over this in my own CLP. Our delegation voted in accordance with the mandate issued, in favour of the NEC statement, against the Remain & Transform (C13) motion and for the Stop Tory Brexit (C14) motion. I accept that this is a reasonable interpretation of the mandate as those of us arguing for Remain & Transform lost the vote by 4 votes at a barely quorate General Committee meeting. I am sure that the timing of the meeting, i.e. a week before we undertook our trigger ballot meetings and the state of exhaustion from the faction fighting were part of the problem.

If you are a member of Lewisham Deptford Labour Party and not a member of the General Committee, ask your delegates why they weren’t there and let them know what you think, attend your branch AGMs coming in Oct. and elect pro-remain delegates who will turn up. This is critically important as should we win the coming General Election, Labour will call a special conference to determine its position between its new deal and a remain position. I will be seeking, with allies to establish a remain position and nsure we elect a delegation that will support the mandate.

My experience from canvassing is that many Labour voters are deeply concerned about, by which I mean vehemently opposed to, Labour’s ambiguous position despite our local MP‘s vigorous & courageous pursuit of a remain.


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