Money in the wrong hands

David Cameron
David Cameron
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Politicians claim there’s no money for wages, pensions, benefits or public services but Britain is the fifth biggest economy in the world. There’s no excuse for cuts, even David Cameron acknowledges Britain is a rich country. It’s just that the money is in the wrong hands.

Some proof of this, if proof was needed, is found in thousands of people’s covert hiding of their obscene wealth in global tax dodging tax havens that has been recently exposed in the leaked Panama Papers.

Further, the Sunday Times rich list shows that the combined net worth of the thousand richest residents in Britain is £137.8 billion compared to £56.9bn combined net worth of the poorest 12.6 million residents, the bottom 20 perc ent of the population.

There’s £120bn lost annually in evaded, avoided and uncollected taxes, an outrage that both the Tories and New Labour administrations have disgracefully neglected to tackle.

There’s £95bn of taxpayers’ money that goes to big business in subsidies every year. If bosses running companies in the private sector are so efficient and effective, and competition is so powerful why do they need handouts from the public purse?

There is the idle wealth of the FTSE 100 companies of £85bn that they refuse to invest in jobs and skills because they can’t guarantee making a profit.

£10bn goes in tax relief to the highest earners in Britain.

There’s £16bn lost to the most vulnerable in unclaimed benefits through government’s failure, past and present, to ensure people get what they are entitled to, and through the stigma attached through the cynical demonising of claimants.

There are cuts to taxes, including multiple cuts to corporation tax, for the richest, but cuts to wages and benefits and increases in VAT for the poorest.

Meanwhile, there are a million people having to go to food banks in order to feed themselves and their families to survive, while the sales of private yachts, jets, bespoke limousines, luxury goods and fine art goes through the roof.

Ken Toulson

Carnaby Rd, Lower Walkley