Bankers would be given a free ride under the Conservatives
October 11, 2009 11:11 AM
If you rely on the state be afraid of a Conservative government - unless you are a banker; that was the underlying message of David Cameron's attack, not just on big government but government itself. "It is more government that got us into this mess" he claimed without mentioning once in his keynote speech to the Conservative conference, the role of financial markets or banks in creating the current recession.
Moving towards a low carbon economy could promote innovation, drive investment and create jobs.
According to the Conservatives, zero pay rises are ok for public sector workers, and many private sector employees who have no choice, but bankers now subsidised by the state, would be allowed to continue to pay themselves by the cart load. It appears no coincidence that the Conservative party is funded by business backers who can make million pound donations to ensure their views get heard.
Yes the Government's funding deficit needs to be substantially reduced, which in time will mean painful cuts, but more important is the role government can play in preventing a worsening of the recession, in helping the unemployed to find real jobs, and ensuring the banks are stopped from profiteering - and do not return to taking the unsustainable risks that got us into this trouble. Yet Conservative policy on jobs seems to revolve around getting people off disability benefits, but not with how or who would create the jobs needed.
David Cameron rightly raised the issue of people on benefits facing marginal rates of tax and benefit loss of 90%, although any reform is likely to cost money rather than save it. However the Conservatives still remain the rich party committed to reducing inheritance tax on £1 million properties and hinting they would like to cut the 50% income tax rate for those earning over £150,000.
Liberal Democrats want a fairer tax system that integrates with the benefit system to allow people to escape the poverty trap, and to realign the tax burden away from taxes on income and more towards carbon taxes, and taxes on financial speculation. We also need to end pension tax relief that allows higher earners to take double tax relief on pensions which represents a £6.5 billion subsidy to the better off.
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