Is all this sudden interset in this thread a cunning ploy to waylay protesters? Get out on the demo!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
These cuts are unecessary, vicious and ideological. Not alot else to add.
Bar these suggestions for alternatives to the cuts though.
Make the present, temporary, banker?s bonus windfall tax permanent, raising in excess of £500 million a year.
Extend the banker?s bonus windfall tax to other financial institutions ? such as hedge funds and private equity houses. An extension to hedge funds alone would raise in excess of £700 million.
Introduce a short-term ceiling on total remuneration, given as both cash and share options, saving around £520 million from RSB bonus payments in this year alone.
Set a 50% income tax band for gross incomes over £100,000, raising £4.7 billion annually, or £2.3 billion more than the sum raised by setting the band at its present £150,000.
Uncap National Insurance Contributions, so that they are paid at 11% on all incomes, including investment income above £110 per week. The extra tax take would be £9.1 billion.
Introduce minimum tax rates of 40% and 50% on incomes above £100,000 and £150,000 respectively in order to mitigate the ability of higher earners to displace tax burdens. The tax rates set out above would raise an additional £14.9 billion annually.
Institute a 0.05% financial transaction tax on instant sterling transfers between UK financial institutions, raising some £38 billion a year, sufficient, if devoted to deficit reduction alone, to halve the deficit by 2013/14.
Take concentrated action to bear down on tax lost within the existing system ? the £25 billion which goes missing through tax avoidance; the £28 billion of tax bills which the Treasury Select Committee (November 2009) concluded were agreed but had not yet been paid; the £70 billion which the Public and Commercial Services Union has estimated to be lost through tax evasion, such as illegal non-declaration of income on which tax might be due, or fraudulent claims for unjustified tax relief.
Separate retail and investment banking, removing the ?moral hazard? in which recklessness within finance capitalism is bailed out by the tax payer.
Establish a High Pay Commission to apply a permanent public interest test into the setting of senior salaries.
Happy demoing!!!!!!!!!