Today’s budget is a further attack on the 99 per cent, providing a ‘Get Out Of Jail Free’ card for those bankers and their colleagues that caused the financial crisis, says Occupy London’s Economics Working Group. In a comment released today, they see that this budget is perpetuating and exacerbating the social and economic inequality that is so damaging to society:
We should not be paying for the failure of the banking system. At Occupy London, we are fighting to improve the economic and social welfare of the majority of the people in the country. We stand with the people, for the people. This Government does not and this budget is testament to that. Typifying this ‘millionaires’ budget’, the top rate of tax cut will benefit millionaires in the cabinet and Boris Johnson, at the expense of the rest of the country. We are not all in this together.
The Government talks about helping pensioners to pay fuel bills and yet has increased their tax burden. The economy is stumbling all because the Chancellor is throttling the 99 per cent, so that the 1 per cent can thrive. It is wrong and unjust.
Most of us are paying the price of the banking failure – through cuts to the NHS, education and other public services – whilst the few, many of whom will be bankers, get a tax cut. Most of us are suffering an increased tax burden, lower disposable income and a higher cost of living all because we are paying off the banks’ overdrafts.
Budget bonus for bankers and friends – Government extends bonus season
Bankers on the other hand have been handed a Government bonus. They talk about taking two million low income earners out of the income tax system yet these are the very people being hit hardest by regressive taxes such as VAT and fuel tax. It does not bode well for most people in the country, given we are still yet to see the full impact of the cuts and austerity measures that have been put in place. This is very likely to place an even greater financial burden on the 99 per cent and lead to an increase in unemployment and business failures. Needless to say it will not be helped by the banks who have failed to live up to their commitments in terms of small business lending.
The reduction in higher rate taxation from 50 to 45 per cent ‘benefits’ more than three hundred thousand already wealthy individuals. The Government’s underestimation of the ‘cost’ of lowering the top tax rate is flawed. The first year gave a false impression of the value, due to the ability of the wealthiest to push so much income into the prior, lower taxed, year. The Government’s argument that it is not a massive loss is of great concern, as it is clear to all that if it was left at 50 per cent the tax take this year would have risen.
With regards to increasing tax receipts from high-earners, the claim to be getting five times more from the rich is nonsense. The increase in stamp duty would typically affect about four thousand (mainly overseas) home buyers in London, probably less now if it is implemented effectively.
Government cuts to corporation tax, at the very moment ordinary men and women, SMEs and public sector services are being forced to carry the burden of austerity, goes to the heart of Occupy London’s reason for being. We find it astonishing that whilst the country is facing increased taxes, that those most with the broadest shoulders are getting a tax break!
Spring is here – get ready for Occupy May
We refuse to pay for the banks’ crisis, these cuts are neither necessary or inevitable, this Government is without mandate and has dealt a further blow to democracy in the UK. Spring is here and Occupy London – as part of the global Occupy movement – is getting ready for Occupy May. Come and get involved as we prepare.