The UK Green Party’s manifesto outlines plans to increase taxes on the country’s top earners, in a bid to raise £70bn a year to help “fix” the country. The plans to be announced tomorrow include the raising of National Insurance rates to 8% on annual wages over £50,270, meaning workers earning £55,000 would pay an extra £283.74 per year. Party co-leader Andrian Ramsay has claimed that the proposals represent a “game-changing” approach to the British economy; the party has already committed to £50bn per year for health and social care by 2030.
To pay for its plans, the Green Party has proposed a new wealth tax of 1% on all assets worth above £10m which are declared in a self-assessment tax return, with 2% applied to all assets over £1bn. The scheme aims to create a fairer tax system for the wealthiest in society. The party also intends to introduce a carbon tax on businesses that starts at £120 per tonne emitted, rising to £500 per tonne over ten years, in order to decarbonise the economy.
The Greens plan to upgrade homes across the UK to make them warmer and more energy efficient through the Green Economic Transition programme. Additionally, the party seeks to expand the 75% windfall tax on fossil fuels to banks, aiming to raise an additional £9bn a year. Capital Gains Tax will be brought in line with income tax bands.
The party is targeting four seats in the UK where it believes it can win, although candidates will stand in every constituency in England and Wales for the election. The manifesto will be launched in Brighton and Hove, the constituency of the only Green MP, Caroline Lucas. Sian Berry, the party’s candidate for the same constituency, said: “The time for half-measures and empty promises is over. Only the Green Party is offering real hope and real change at this election.”
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