Economy

Middle-out economic principles

 * Increase tax revenues by increasing pay at lower end of pay scale  

* Businesses' senior officers' pay would be capped at 15 x lowest-paid staff 

* A 50% marginal rate of tax would be added for income over £500k per year 

* Incentives would be provided for profit-sharing schemes 

Introduce local and national government credit unions

Relying on banks to create money means people are encouraged to get into debt. We would adopt the proposals of Positive Money.  New democratic credit unions would issue both local and national sovereign currencies. 

Refocus HMRC on tax evasion

Currently there are 300 HMRC staff investigating tax evasion of £70 billion. Meanwhile, 3,250 Department of Work and Pensions (DWP) staff look for £1.2  billion in benefit fraud. We would reverse this ratio.

End Quantitative Easing

We would commit to halting the use of Quantitative Easing and not reintroducing it. 

Wealth concentration based taxation

A high rate of tax would be applied to income generated by other people's labour or the ownership of capital. This would affect shareholder dividends, corporate profits, rental income, inheritances, and interest on savings and loans. 

Carry out trademark reform

All trademarks should be equal in law. There should be no special exceptions for particular trademarks or organisations, and special protection for Olympic related marks should be removed.

Require subsidy matching

Many industries that are essential to the United Kingdom (including rail, water, electricity generation and supply, gas supply and other utilities) have been privatised in recent decades, but continue to rely on massive government subsidy for infrastructure investment. These private organisations then take millions in support whilst continuing to provide dividends to their shareholders and massive pay and benefits to their senior staff.

Bring in a tax minister

The UK's tax system is overcomplicated. There is a lack of clear responsibility for regulatory and implementation failures, and failures in the administration of tax credits is often seen as an administrative fact of life. We will aim to make it much clearer who is responsible for the collection and administration of our tax system by appointing a Tax minister.

Our Tax minister's brief will be to simplify the tax system and to ensure that its administration is as efficient as possible whilst also putting a face on a system that is often seen as faceless, bureaucratic and unfair.

No more bank bailouts

The bailing out of British banks during and shortly after the bank crisis by the government may have shored up some banks, but at a huge cost. We don't think that banks should be allowed to profit from risky behaviour. We must draw a line under the 'too big to fail culture' and resolve that the UK taxpayer is no longer required to prop-up incompetent or overstretched banks. There should be no more bankers' bailouts.

Put the Treasury's economic models online

Hiding economic data and the basis on which predictions are made is bad for confidence and makes it harder anyone to challenge the decisions made by government. The Pirate Party will ensure that information that aids analysis and planning, like the Treasury's economic models, are available to anyone via the Internet or at request.

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