November 21, 2019

Andrew Campbell 

The UK’s opposition Labor Party released on November 18 a report entitled “In the pockets of the few”. The report has accused UK’s billionaires, the super-rich, and big corporations of having paid a large number of political donations to the ruling Conservative Party in return for benefiting from tax breaks worth about £100 billion (US$129.6 billion).

Labor Party described in its report that Prime Minister Boris Johnson’s Conservative Party had successive cuts to corporate tax and capital gains tax, inheritance tax, and cuts to income tax for the very wealthiest. His policies had favorably handed out £86 billion (US$66.4 billion) to the super-rich and big corporations already. As accused in the report, it seemed obscene that the Conservative Party of being a party for the super-rich.

Subsequently, the Shadow Chancellor John McDonnell in Westminster, London on November 19 delivered a speech that laid out Labor Party’s plans for the economy and criticized billionaires’ wealth harshly. McDonnell said if Labor Party wins the election, it would rewrite the rules of the business model to treat people fairly and with respect. The consumers and workers would become shareholders in their companies and take back control under this new business model, which company boards would include elected members and workers, granting them more influence in salary structure.

In addition, McDonnell said large companies that failed to take adequate steps to solve climate change would be removed from the FTSE 100. McDonnell also announced that there would be no windfall tax imposed on oil companies.

Photo:Webshot.