Tag Archives: wealth

In a twist worthy of a Shakespearean comedy, The Financial Times—yes, the very bastion of capitalism—has thrown its weight behind the call to increase taxes on the wealthy. It’s as if Ebenezer Scrooge himself woke up, not just offering Bob Cratchit Christmas off, but also turned his business into a consumer mutual. 

This surprising endorsement underscores a deeper, more troubling reality: the Tories have, over time, alienated their once staunchest supporters — pragmatic economic thinkers and investors. The people who’d toast their morning coffee to the Conservatives, secure in the knowledge that their financial acumen was reflected in sound government policy. 

However, even the FT don’t try to hoodwink their audience against their own interests; understanding the reality of how years of economic stagnation has impacted our country and the wealth imbalance. 

The Tories have managed to estrange themselves so far from these stakeholders, pushing them away with a series of economic imbalances that act more like tragicomedies than strategy. Gone are the days when Tories  were seen as reliable economic stewards. 

The Tories seem intent on peddling narrow, faux-capitalistic dogma than fostering real, sustainable growth. The FT would appear to not be as easily fooled. They understand that the economy needs careful tending, like a well-pruned garden, not the reckless abandonment of letting a child  loose with garden shears. 

The article claims that parties need to the bolder on the economy. Now you might think, bold from FT writers, we’ve all been here before; savage tax cuts, privatising the police force, parading with “We Love Liz” t-shirts and having a national “Margaret Thatcher day”. Except no. Instead, amongst many other arguments, the article states that arguments by the right that better economic rebalancing and higher taxes will impact the economy is just nonsense. They say that due to the state of public finances and a public interest to see robust investment into public services that we need to be honest about increasing taxes if we are going to prevent going through a cliff-edge. They have even argued that due to lack of private investment that it would be in our interest if a major re-balancing of wealth in this country through a series of targeted tax rises on the wealthy be implemented as the government can efficiency invest into the economy. The extreme position the Tories have left us in means we have no major infrastructure going on in the UK – the need is obvious. 

While it stop short of calls for any kind of Wealth Tax or increasing top earners’ tax rates it, the author argues that we should be looking at reforming our overly complex tax system which courts the favour of people with big pockets and good accountants. Amongst its arguments was  using revenue to bring VAT down and combining NI and Income Tax together. 

I have always been a strong advocate of reforming our tax systems.  The current tax system is deeply unfair where wealthy individuals who make their earnings by selling assets pay less tax than someone who is on a paid salary but earning considerably less.