There’s a reason he’s former Shadow Chancellor

Former Shadow Chancellor Chris Leslie says his successor’s £500 billion spending plan would double all taxes:

“The worry that I have is this suggestion of £500 billion. I mean, that’s an awful lot of either borrowing or extra taxation. In order to raise it you’d have to double income tax. You’d have to double National Insurance. You’d have to double council tax. And you’d have to double VAT as well.”

The £500 billion is over a decade. £500 billion is around and about annual tax revenue…..

10 thoughts on “There’s a reason he’s former Shadow Chancellor”

  1. Does anyone think Labour would want as much of that £500 billion up front as possible?
    As I’ve heard many times recently, getting the rich to pay their fair share.
    Which a rough calculation works out as £15k a year. So anyone paying less than that isn’t paying their fair share. That includes usually pretty much everyone arguing for the rich to pay their fair share…..

  2. Revel in this, everyone. Ritchie is mending bridges with Labour:

    “But does that mean I will not engage with Labour? No, it doesn’t. I assured one member of the shadow Treasury team that I would do so last night, if that was their desire. It seemed it might be. I have sent similar messages to others. And in doing so I have made clear I am not looking for positions, credits, or anything else.

    http://www.taxresearch.org.uk/Blog/2016/09/27/where-now-with-labour/

    Short translation: there’d better be a gong in it this time

  3. There’s a reason he’s former Shadow Chancellor

    Am I right? Is the headline pointing out that Chris Leslie (afraid I missed the bit when he was shadow chancellor) is a bit rubbish at sums?

    So why single him out? I’m not that impressed with the current one and Alan Johnson was clueless and invisible, Ed Balls knew the ropes in an unsettling “School of Gordon” sort of way and Alistair Darling who actually held the job was useless and out of his depth.

    Just seems rather unkind to a man who is probably being shredded by the Prof even as I type…

  4. All this bridge building… is it funded by people’s QE (or whatever it’s called this week)?

    It’s the only public infrastructure work this iteration of the Labour Party will ever do.

  5. Bloke in North Dorset

    “Owen Jones has also been busy building bridges.

    All one big happy family again.”

    It won’t be long before their fighting like ferrets in a sack over some slight ideological transgression that is meaningless to the rest of us. The left can’t help themselves.

    What was that quote about Trotiskyists? Something like two factions went in to a room to agree a unity process and 4 factions came out.

  6. The same thing happens on both sides though. Remember Cruz was going to save $500 billion(over 10 years) through efficiency that would allow him to balance the budget and cut taxes at the same time. As the deficit in 2015 was over $400 billion anyone with two brain cells should have been able to see there was no actual plan.

    I’d dig up more examples but one is enough to prove the same problem does exist on the right.

  7. To be honest I have decided that the £500Bn was such a good number that I have run with it. Not bothered that it is over 1 year or 5 years. They have stated £500Bn, make the best of it.

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