Economist and YouTuber Gary Stephenson says the only way to avoid another economic meltdown is to raise taxes on the richest in our society so poorer families can afford to eat out
Over the past three years, the Bank of England has printed £450 billion that the government has borrowed and spent. That’s almost £10,000 for every single adult in the country.
The wealth growth rate of Britain’s richest is the fastest ever. In the Sunday Times’ list of the rich in 2020, the first year of Covid, the wealth of the country’s 250 richest families rose by over £107billion. Almost a quarter of the total cost of the crisis went to just 250 families.
The average billionaire grew their wealth by over 22% during that time.
If Rishi Sunak’s personal fortune, estimated at £730million, had grown at this rate, he would have made over £160million in just one year. Now millions struggle with food.
This is important because £450 billion is an enormous sum to give to the richest in our society, meaning they will spend a lot more. That will drive up prices – house prices, stock prices, and most importantly, food and energy prices.
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That pile of cash that ultimately comes from you, the taxpayer. With that money, the government could increase support for ordinary families by 5,000% in this livelihood crisis. But has the super-rich Rishi increased the income of the super-rich? no He raised Social Security, a tax that’s levied on your wages but not on his income from his property.
The richest should not benefit from the economic catastrophe. Not at the price that ordinary people can feed their children and heat their homes.
The only way to avoid another collapse is to raise taxes on the richest in our society. I’m willing to pay higher taxes if it means ordinary families can eat. The question is, Rishi Sunak, are you?
https://www.mirror.co.uk/money/rich-people-benefit-economic-disaster-27245598 “The rich benefit from economic disaster while the poor struggle to pay for groceries”