I was pretty staggered by the Labour Manifesto. There were 2 key facts that caught my eye:
- £38B more for the NHS
- 250B for infrastructure products
The first one sounds great. We all want more money for the NHS right? My partner is a nurse and my sister is a doctor. OK, lets break this down. How many tax payers are there? There are a bunch of documentation here:
So it turns out there are 23Million people who actually pay income tax. Worse, the top 1% (or 300,000 people) pay more than a quarter of the tax) What happens if these people leave (and they really can, or become non-domiciled and live in Monaco).
So simple maths means that its an average of £1,650 extra in tax per person. Tax the rich you say, the only problem is that they are highly mobile and will leave and make it worse for the rest of us. If so, the burden will be increased and it will be at least £2000 extra in tax. The average earner earns £30K and hence pays about 4K in tax, so thats a 50% increase to 6K.
Don't get me started on the second one. Thats £10,000 extra per each. "Oh, but they'll borrow the money, its not real" said a good friend of mine. Maybe you've noticed that the pound has dropped 20% recently and everything costs 20% more. The pound will be devalued and the situation will get even worse. 250B is 15% of the total national debt that we've been trying to get down.
I hated Brexit and genuinely considered voting LibDem (till I saw their policies). This election (as always) is about the Economy. If you can't pay for things then you can't get things done. Think carefully my friends.