The time has come to make money work for the many not the few.
A nations ‘Money System’ and fiscal & monetary policies should deliver a balanced economy across:
- Manufacturing and service sectors
- Public and private sectors
- Import and export sectors
- All nations of the United Kingdom
The UK Government and Bank of England have the responsibility to manage this outcome.
An economy that works for us all means:
- Building a vibrant and fair private sector,
- Protecting the income of the many,
- Funding social and environmental programmes that benefit all.
A government can build a vibrant and fair private sector by:
- Supporting businesses by strengthening the nations skills base, infrastructure, UK supply chains, trade, procurement, research & development and energy costs & security
- Widening ownership by growing worker co-oporatives, introducing ‘right-to-own’ schemes for workers (first refusal) and bringing back key utilities into public ownership
- Rewarding entrepreneurship and innovative social enterprise through taxation incentives and other assistance.
- Supporting small and medium enterprises through creating easier access to investment funds & fair interest loans via a National Investment Bank, levelling the playing field when competing against big business by having lower SME corporate tax rate, revising business rates and challenging late payments
- Reforming regulatory regimes (e.g. Financial Control Authority, Monopoly commission) and state institutions (e.g. Bank of England mandate, HMRC, Treasury) to ensure that regulations are meaningful and enforcement is effective and well funded
A government can protect income of the many by:
- Easing the current private debt burden that individuals carry through transforming our financial system from one that enforces borrowing to one that allows the many a choice to borrow or not in order to meet basic needs such housing, transport or education.
- Ensuring the fair distribution of the tax burden so taxation is reflective of income of individuals rather than a few privileged groups
- Controlling unearned income by increasing taxes on revenue and introducing controls on rent (received from the ownership of natural resources & physical assets), interest (received by virtue of owning financial assets) and profit (received from the ownership of capital equipment)
- Breaking monopoly pricing through taking ownership of key utilities such as energy and railways to ensure that pricing is about what is fair to the consumer
- Eliminating financial exploitation of our most vulnerable citizens through resourcing the bodies that enforce regulations and defend the rights of the many
A government can fund social and environmental goals that support a strong society for us all through:
- Taxing fairly and effectively by blocking tax loop holes and pursuing tax havens in order to ensure excess money is removed from the economy as a means to controlling inflation.
- Removing ineffective austerity measures that stifle growth and by borrowing and investing in green energy, physical and digitalisation infrastructure, that ensures the improvement of our economic future.
- Recognising that the right to the production of money is NOT the sole purview of private banks and by issuing a limited sum of new currency as needed to fund the basic needs of the economy
- Earnings from State assets by taking back national resources such as the railways and energy for example; commercial revenue such as sale of products and services
- Targeting rates on alcohol, business, import and other duties as well as national insurance rates to ensure that they more fairly reflect the income levels of individuals they are levied against
The Labour Party manifesto embodies this. The Party believes in a national education service, a fair deal at work, social security, secure homes for all, healthcare for all, safer communities, leading richer lives, extending democracy, a more equal society, a global Britain and an economy that works for us all.