8 months ago


The Economy Taxation is

The Economy Taxation is remains awfully high and the Conservative government have shown themselves to be nothing but paternalists whilst embracing the status quo of central state planning. 11.4% of the disposable income of Britain’s poorest fifth of households is drained by government. For every eight pounds spent by the poorest fifth of households, one pound is taken from them in sin taxes. This is used to achieve social engineering targets set by bureaucrats in Westminster. We will cut sin taxes massively, taking bold action to put money back into the pockets of the poorest in our society. Income tax is incredibly high and we will deliver the largest tax cuts since the 80’s. We will radically transform the British economy unleashing growth and investment. Through liberalisation of the economy, we will deliver high economic growth and greater prosperity for everyone living in the United Kingdom. It’s time for bold change and to ditch the status quo. Only the Libertarian party will do that. of those who need it most. Vehicle Excise Duty will be abolished. This a punitive tax and reduces labour mobility and work incentives. It hits everyday working people. It is not a tax which takes into account a person's use or circumstances and this is fundamentally unfair. We will oppose any more regressive taxes such as the proposed fat or sugar tax by the Conservatives. The government does not know best and should never enforce lifestyle choices upon it’s citizens. We will Cut VAT to a flat rate of 15% and abolish the bureaucratic rebate system. We also pledge to cut the distributed profits tax to 15%. We propose a radical reform of income tax, the biggest tax cut in modern history. Our plan is as follows: Taxable Income Tax Rate £0-£20,000 0% We will cut tobacco duty and fuel duty by three quarters. We will launch a review into the revenue these taxes raise compared to their net negative externalities to ensure fair taxation and to protect our poorest. We will also establish a 9p flat rate of tax on alcohol to fix the broken system, this will cover negative externalities and will put money back into the pockets £20,000-£75,000 10% £75,000-£150,000 20% £150,000+ 30% PAGE 6

Britain spends an eye watering sum paying national debt interest. This is not sustainable. We will aim to run a budget surplus and begin to pay down the national debt. We will radically change public expenditure and will cut inefficient programs and end vanity programs. The Department of Business and Industry will be abolished and we will reassign the relevant functions. This is an unnecessary department whose function can easily be reassigned. This follows our broader aim to streamline government. We will secure the best deal for the taxpayer. The Department of Culture, Media and Sport will be abolished to and we will reassign the relevant function. The state cannot fairly decide which arts projects are worthy of funding, and which are not. 50 percent of Arts Council funding was spent in London. Arts funding is just as liable to be captured by more powerful vested interests as any other form of subsidy. Local and more niche art projects do not get the same support as something like opera, which could fund itself through private donations and ticket sales as it has done throughout its history. Most people who go to museums are likely to have done so without the subsidy. We will abolish TV licenses and privatise the BBC. All institutions exhibit bias – whether consciously or unconsciously. However, the BBC has a worldwide reputation, is funded on a compulsory basis and provides 75 percent of all televised news. When an institution with such power exhibits bias, this is a far more serious problem. BBC will struggle to thrive without commercial freedoms. Already only 20 percent of UK broadcasting revenue comes from public funds and the BBC is, in fact, small compared with international commercial broadcasters. By privatising the BBC we will put money back into your pockets while delivering better television and a better deal for the taxpayers. A Libertarian Party government will retain the proven system of the Negative Income Tax system which provides a safety net for those who need it most whilst encouraging work. We will oppose any attempts to scrap it and will oppose further bureaucracy. Don’t fix what isn’t broken. We pledge to maintain spending on science and research in real terms. We recognise the importance of this funding and firmly believe Britain should lead the world when it comes to science and innovation. We will found and fund a United Kingdom Prosperity Fund with the objective of targeting underprivileged regions of the Union by investing in infrastructure and similar projects. This funding must be targeted with great care to provide the maximum benefits to local residents whilst providing true value for money for the taxpayer. We will reintroduce zero-hour contracts. The large majority of people who worked on zero-hours contracts when they were legal were happy to do so. These contracts offer opportunities to many people who would otherwise PAGE 7

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