Traditionally it was the job of the left-wing parties to squeeze the rich, but the new conservative government may be about to change that. One possible move in the budget (coming March 11th) is to impose a “mansion tax”: an annual levy on expensive homes and a higher council tax band. They are also thinking of cutting the pension tax relief for top earners for people that earn above £50k, their relief is cut from 40% to 20% which will raise an extra £10bn a year. There are also whispers of taxes on capital gains and inheritance.

One reason why the conservatives are moving left is due to their win of the ex-mining towns (Labor for generations) who voted Tory to save Brexit. They also need to generate money for big infrastructure plans like the HS2 see article..

It was not that long ago when the Tories use to mock “Red Ed” Milliband, calling him a headcase socialist for proposing to nationalize the railways and imposing a mansion tax. But now the Tories have nationalized northern rail and may do the same with more rail companies. The Bruges Group summed up the whole thing in a tweet. ” had we wanted Labour we’d have voted Corbyn.”

Share this: Twitter

Facebook



Like this: Like Loading...