The Green Party has pledged to introduce a “wealth tax on the very richest people” at the launch of its manifesto.
The manifesto pledged to push for “major changes” to the tax system, aiming to simplify and align the rates of tax paid on income and investment gains, whatever their source, and to fairly tax excessive concentrations of wealth.
One such measure suggested by the Greens was a “wealth tax” of 1 per cent annually on assets above £10mn and of 2 per cent on assets above £1bn.
The party argued that “only a tiny minority of people would pay this tax”.
The Green Party co-leader, Carla Denyer, stated this measure “overhauls” the current tax system with the aim of “making it fairer”.
“At the heart of this would be a tax on the very richest, the top 1 per cent of people, requiring them to pay a bit more into the pot,” she added.
The manifesto also pledged to reform capital gains tax to align the rates paid by taxpayers on income and taxable gains.
It argued this measure would affect less than 2 per cent of all income taxpayers.
As a result of these and other tax changes, the party estimated that additional revenue of between £50-70bn per year could be raised by the end of the next Parliament.
Housing
Turning to housing, the Greens pledged to provide 150,000 new social homes every year through several different measures.
This included new build and the purchase/refurbishment of older housing stock, and a community right to buy for local authorities for several categories of property.
The party also stated that it would end the individual ‘right to buy’ scheme which would allow social homes to be kept for local communities “in perpetuity”.
Support was also announced for those not on the property ladder, with the Greens pledging to introduce controls so local authorities can control rents if the market is unaffordable for many local people.
An end to no-fault evictions was also announced as the party argued this will allow tenants to be “secure in their homes” and not “have their lives turned upside down on the whim of their landlords”.
SMEs
The manifesto additionally identified small and medium-sized business as the “lifeblood of our economy and our communities” and, consequently, pledged several policies to support them.
One such policy elected Green MPs will push for is the setting up of regional mutual banks which, it argued, will drive investment in decarbonisation and local economic sustainability.
The party also pledged to provide £2bn per year in grant funding for local authorities to help businesses decarbonise.
Lastly, the Greens promised that it would encourage community ownership through greater access to government funding in the transition to a zero-carbon economy.
tom.dunstan@ft.com
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