Economy

Reduce tax evasion

To reduce tax evasion, we will aim to increase penalties for engaging in schemes aimed to evade tax unlawfully. The penalty for tax evasion should be sufficiently punitive that getting caught once outweighs the benefits of having engaged in evasion over a period of years.

Encourage entrepreneurship through micro-businesses

We will promote micro-business as a driver for innovation and competition in the British economy. A micro-business is a very small business with a single owner and no employees, one with a turnover of less than £2500/year. The first £1500 of income earned from micro-business would be tax free, nor would the income from such an operation have an impact on benefits.

Remove commercial restrictions on suburbia

It is important that local and national governments do not prevent people from setting up businesses or innovating. We will ensure that there are no unreasonable barriers preventing home-owners from making the best possible use of their houses and gardens for work. We believe it is important that, within existing limitations on noise and environmental harm, we remove restrictions that prevent people from doing business from and with their homes.

Implement a land value tax

The tax system is broken and too easily evaded. A land value tax would raise more from the rich without penalising the poor, whilst at the same time being much harder to dodge than traditional income tax. It would also support economic productivity, as those who rely on existing assets for income would be charged, whereas those who work for a living would not. The Pirate Party would support a land value tax.

Create jobs

The current approach to economic stimulus (providing large amounts of money to certain institutions in the hope that it will eventually lead to increased lending and so the expansion of businesses and the creation of jobs) is not effective. It gives an advantage to a specific sector of our economy by allowing the financial sector to shape the economy of the UK more broadly. The economy will only recover when people have secure jobs and enough money to live, spend in the economy, and invest in their pensions and savings.

A “Robin Hood Tax” on financial institutions

A tiny tax on stock market transactions would raise significant revenue and act as a disincentive to engage in activities like high-frequency trading. It will be our aim to promote a coordinated international effort to implement such a scheme.

Personal liability for directors

Directors of large public companies should have a personal liability for their actions and decisions. This move will ensure that there is a greater personal incentive for the leadership of large business beyond a short term financial incentive.

Reform the patents system

We believe that patents exist to reward the inventors of truly outstanding ideas, not to allow big businesses to stifle competition with an ever-growing tide of trivial, incomprehensible, overreaching patents.

We will stop the abuse of patent law by raising the bar on how innovative an idea has to be before it can be patented, and by prohibiting patents on software, business methods, concepts and works of nature.

Economy

We need an economy that works for everyone. In the last 5 years the UK has seen cuts to services, a fall in wages and a cynical attack on the support the state offers those in need.  We have seen publicly owned companies, including Royal Mail, the Fire Service College, and Remploy sold off for little gain to the taxpayer, but great returns for investors. UK debt is higher than it was in 2010. The deficit is higher than at any time until we bailed out the banks and unemployment is still at 5.7%. 

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