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UK government planning emergency wealth tax grab to pay for coronavirus pandemic
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In case you’re wondering how we are going to pay back all of this money that the government have printed and borrowed this year, take a look in the mirror.
A one-off tax grab on wealth above £500,000 could recover much of the £280 billion the government has spent fighting coronavirus this year, according to a group of experts.
A commission was set up led by assistant Professor Arun Advani at Warwick University last April to look into a wealth tax in Britain.
Measures being considered include a 5% levy on:
- housing
- pensions
- business
- equity and
- savings wealth.
At £500,000, around 8 million Britons, or one and six adults, would be hit by the wealth tax.
Setting the threshold at £1 million would raise roughly half this amount and at £10 million would raise just £43 billion from 22,000 people.
The average three-bedroom house in most of the south-east cost the best part of half a million.
Stealing people’s money is not uncommon in Europe. Let’s not forget Cyprus where the government stole its citizens bank balances to pay for their mess.
Phasing out cash for digital currency would obviously make this much easier. Currently there is around £50 billion of cash in circulation.
An Economist I know told me recently that he was looking into the average person’s bank balance and found it had gone up by £8000 this year due to reduced spending.
There is further bad news on the horizon for property owners as the government steps up measures to meet climate control targets.
The average bill for householders could be as high as £8000 to make their homes more energy efficient.
Fossil burning boilers will be phased out by 2028 and gas boilers by 2030.
The government is expected to bring forward the ban gas boilers on new homes from 2025 to 2023.
The government are also expecting us to eat 9% less meat by 2025 and 20% less by 2030 and also to reduce our consumption of dairy products by 20% over the next 10 years.
We will also be forced into exchanging our old petrol cars for overpriced electric vehicles, that’s assuming their will be any road space left on which to drive them!
This week, Boris Johnson is making last ditched attempt to secure a deal with the European Union. Personally, I think we will end up with a watered down, fudge of a deal we concessions being made on both sides.
The stock market went up on use of the vaccine but the pound went down on fears of a no deal Brexit!
The shops are blooming it again following the end of the lockdown and supermarkets had the best month ever in November.
More articles and money news available at Money Tips Podcast - www.moneytipsdaily.com
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