The “super rich” will be asked to pay more tax in the Green Party’s manifesto to “mend broken Britain”.
The party, led by Carla Denyer and Adrian Ramsay, will tax “multimillionaires and billionaires” to fund improvements to health, housing, transport and the green economy.
Speaking before the official manifesto launch in Brighton – where the party hopes to elect a new Green MP following the departure of former leader Caroline Lucas – Mr Ramsay said he wanted to end the “conspiracy of silence” on taxes by creating a “fairer system” that would ask those “with the broadest shoulders to pay more”.
The Green co-leader echoed the language used by the Institute for Fiscal Studies (IFS) which has accused the two main parties of not being upfront about the tough spending choices ahead.
He said Sir Keir Starmer and Rishi Sunak “would rather hide their plans for cuts to public services than confront the need for a fairer tax system that asks those with the broadest shoulders to pay more”.
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“If people are to have access to an NHS dentist or a GP appointment, if we are to create warm, secure homes for all and fund the green transition to tackle the climate crisis and create the jobs of tomorrow, we must be honest today,” he argued.
“By asking those with the broadest shoulders to pay more – including the very wealthiest – we can invest in the frontline services and infrastructure that we all rely on.”
It said its proposed tax changes would raise an estimated £50bn to £70bn per year on current prices.
They say its wealth tax would apply to individual taxpayers with assets above £10m at 1% and assets above £1bn at 2% annually.
The party also believes the basic 8% national insurance rate should be charged on income above the upper earnings limit, which currently incurs a lower rate.
The Greens’ manifesto launch follows the Lib Dems and the Conservatives also setting out their offer to voters.
Sir Ed Davey has pledged a £9bn package for health and social care, while Mr Sunak has promised a 2p national insurance cut to revive his campaign.
Green Party would tax ‘super wealthy’
Labour will publish its plans on Thursday.
If elected, the Greens will put forward their own programme, the Green Economic Transition, that will upgrade homes across the UK to increase their energy efficiency, which the party said will make them warmer and cheaper to run.
The manifesto also reiterates plans to raise £50bn per year by 2010 for health and social care as well as £20bn in capital investment to upgrade hospitals, primary care buildings and outdated equipment.
Ms Denyer said: “Things can only get worse under Labour unless we dramatically change our tax system to raise money from those with the broadest shoulders.
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“Young people, in particular, know just how broken Britain’s frontline services are. The economy is not working for them. They have been priced out of the housing market and are struggling to fund their education.
“Now is the moment to be ambitious – not unrealistic, but ambitious.”
While the Liberal Democrats have already released their manifesto, tomorrow they will announce plans to launch a new regulator to replace Ofwat to combat the sewage scandal that has been prominent in their campaigning.
Meanwhile, the Labour Party announced on Tuesday evening that it would fix one million potholes per year, paid for in part by delaying the planned A27 bypass, which has an estimated cost of at least £320m.
Source Agencies
