Boris Johnson plans to spend billions to help the rich get richer

29 September 2019 — The Canary

A new report from an independent think tank, has found that Boris Johnson’s “desire to radically overhaul” the tax system will cost us billions of pounds every year. And it will only benefit the very richest people. It also seems confirmed that Johnson hurtling the UK towards a no-deal Brexit is down to pressure from billionaire investors.

The rich get richer

On 27 September, the Institute for Fiscal Studies (IFS) reported that Johnson’s proposed tax changes are:

big – and costly – reforms, both of which will predominantly help those in higher-income households.

As the IFS noted, Johnson’s proposal to raise “the higher-rate income tax threshold” is:

a substantial and expensive tax cut from which only those on high incomes would gain.

As Business Insider reported, overall these plans “would cost the government up to” £20bn but only benefit the rich. In addition, these cuts also remove billions from the economy. Shadow chancellor John McDonnell slammed the plans, saying:

These proposals… will rip out £10 to £20 billion a year from our already decimated public services… and put those billions into the pockets of the rich.

This government cannot be trusted with our public services – only a Labour government will end austerity and establish a fair tax system that serves the many, not the few.

As he also noted, these plans mean the rich get richer:

So, as Jeremy Corbyn quite rightly pointed out, there’s another knock-on effect of these proposals:

Disaster capitalists

Yet, this isn’t the only way Johnson’s benefitting the billionaires. As The Canary reported on 26 September, his sister Rachel Johnson said that Johnson’s current political strategy could be the result of pressure from:

people who have invested billions in shorting the pound, or shorting the country, in the expectation of a no-deal Brexit.

On 28 September, former chancellor Philip Hammond also seemed to confirm this story in the Times:

McDonnell, meanwhile, called for further investigation:

As Carole Cadwalladr also noted, this isn’t a new story either:

And as one Twitter user stated, Johnson truly is a “stooge” for disaster capitalists:

Taken alongside Johnson’s proposed tax cuts, the Conservative agenda becomes clearer than ever:

So it’s clearer than ever quite how important the next general election is. This is our one chance to make sure that we rise up, unite, and elect a Corbyn-led government. Because if we don’t, the gloves are well and truly off to protect the richest elites. Meanwhile, the past nine years of Tory-led austerity may almost seem gentle in comparison to Johnson’s brutal plans.

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