Tomorrow is general election day here in the UK.
At the national level, although things are said to be still unpredictable, it looks like the Tories are about to reclaim power from Labour after more than a decade in opposition.
At the local level, I was pleased the other day to receive a visit by one of the local Councillors, the young Matt Sanders, whose first introduction to me was through the letter I commented on this post. We had a brief talk during which I assured him that “I quite like your team”…
Well, his team, the local Lib Dems, is headed by one Jo Shaw who is set against Frank Dobson (currently London’s longest-serving Labour MP and one of the “two prominent MPs” I referred to in the above-mentioned post) to represent this area in Westminster. I also quite like Frank Dobson, so I wish them both the best – which, unfortunately, in this case can only occur if both lose to some other candidate…
Then, there are the oddities. Like one John Chapman (could he be that other candidate?…) – Independent, 33 years a Whitehall civil servant and diplomat, 13 years a double award winning financial journalist – who has been campaigning “For a National Recovery and Redistribution Plan”!
It goes like this:
His diagnostic of the UK economy:
The financial crisis has given us the biggest budget deficit in the West. Our government let in the culprits, notable the hedge funds, to boost the City. Disgracefully, the UK is now blocking an EU directive to regulate them.
The huge earnings of US speculators have led the City into bloated bonuses. Earnings of chief executives of our top 100 companies have risen to 81 times the average wage, from 47 times in 2000 (CBI).
The Thatcher years made us a most unequal society. In the USA incomes of the top fifth of people are 8.5 times those of the bottom fifth. In the UK, the ratio is 7.2, France 5.6, Germany 5.2, Sweden 3.8 and Japan 3.4 (UN). Social costs, from feelings of inadequacy to violent crime, rise with inequality.
Manufacturing’s share of our economy has fallen from 26% in 1979 to 12%. Companies are crippled by short-termism – City preference for dividends over investment. Our research & development as a proportion of GDP is now 30% below Germany, 40% below USA, and 50% below Japan (Batelle).
The NHS is under-funded. UK spend on health is 8.4% of GDP, below the 9.7% average of 15 West European countries. We have 2.5 doctors per 1000 people, the West European average is 50% higher at 3.7 per 1000 (OECD).
The pupil/teacher ratio of our state secondary schools is 15, the West European average is 11. Our private schools have a ratio of only 7 (OECD).
Our state pension is the lowest in Europe (Aon). But our military spend is higher than Russia. We invaded Iraq “largely for oil” (Alan Greenspan).
His Plan:
A huge Budget deficit. A discredited City. Weekened manufacturing. Under-resourced health, education and pensions. Doubtful wars. Alarming inequality.
The “efficient markets” model no longer works – because of unregulated financiers, and because “Across the world, the free market is being overtaken by state capitalism” (US Council on Foreign Relations), from China, Russia, the Middle East, and South American countries like Brazil and Venezuela.
We need a government of all parties to tackle our crisis, bolstered by industrialists, businessmen, union leaders, consultants and the professions.
We need a 5 year National Plan to rescue Britain and make it fairer. Indicative plans for each sector should be made coherent by a National Planning Department, replacing the failed Treasury. Merited taxes should also avoid savage expenditure cuts that shed jobs and reduce services.
Reforming the City A tax on banks, and a tax on the privileged hedge funds. A tax on dividends where companies have R&D below international levels.
Reducing Inequality A wealth tax of 2%, as in France and Switzerland. An excessive earnings tax, with earnings over £1m at 60%, over £2m at 75%. Inheritance tax at 60% for estates over £5m, and 75% for estates over £10m.
New state/private British companies to compete with state capitalism
State equity companies to strengthen private companies to help medium-seized companies grow into world players, to develop green technologies, to boost employment and the work ethic, and to revive the “Made in Britain” label.
Public expenditure and public services
More hospitals, more doctors and more teachers to match international levels. A levy on private schools for their disproportionate use of teaching resources. Higher state pensions for lowly paid to avoid means testing of their savings. Less military expenditure. Support nuclear cut-backs by no to Trident. Leave Afghanistan. More control over North Sea oil instead of further wars for oil.
His diagnostic of the UK economy:
The financial crisis has given us the biggest budget deficit in the West. Our government let in the culprits, notable the hedge funds, to boost the City. Disgracefully, the UK is now blocking an EU directive to regulate them.
The huge earnings of US speculators have led the City into bloated bonuses. Earnings of chief executives of our top 100 companies have risen to 81 times the average wage, from 47 times in 2000 (CBI).
The Thatcher years made us a most unequal society. In the USA incomes of the top fifth of people are 8.5 times those of the bottom fifth. In the UK, the ratio is 7.2, France 5.6, Germany 5.2, Sweden 3.8 and Japan 3.4 (UN). Social costs, from feelings of inadequacy to violent crime, rise with inequality.
Manufacturing’s share of our economy has fallen from 26% in 1979 to 12%. Companies are crippled by short-termism – City preference for dividends over investment. Our research & development as a proportion of GDP is now 30% below Germany, 40% below USA, and 50% below Japan (Batelle).
The NHS is under-funded. UK spend on health is 8.4% of GDP, below the 9.7% average of 15 West European countries. We have 2.5 doctors per 1000 people, the West European average is 50% higher at 3.7 per 1000 (OECD).
The pupil/teacher ratio of our state secondary schools is 15, the West European average is 11. Our private schools have a ratio of only 7 (OECD).
Our state pension is the lowest in Europe (Aon). But our military spend is higher than Russia. We invaded Iraq “largely for oil” (Alan Greenspan).
His Plan:
A huge Budget deficit. A discredited City. Weekened manufacturing. Under-resourced health, education and pensions. Doubtful wars. Alarming inequality.
The “efficient markets” model no longer works – because of unregulated financiers, and because “Across the world, the free market is being overtaken by state capitalism” (US Council on Foreign Relations), from China, Russia, the Middle East, and South American countries like Brazil and Venezuela.
We need a government of all parties to tackle our crisis, bolstered by industrialists, businessmen, union leaders, consultants and the professions.
We need a 5 year National Plan to rescue Britain and make it fairer. Indicative plans for each sector should be made coherent by a National Planning Department, replacing the failed Treasury. Merited taxes should also avoid savage expenditure cuts that shed jobs and reduce services.
Reforming the City A tax on banks, and a tax on the privileged hedge funds. A tax on dividends where companies have R&D below international levels.
Reducing Inequality A wealth tax of 2%, as in France and Switzerland. An excessive earnings tax, with earnings over £1m at 60%, over £2m at 75%. Inheritance tax at 60% for estates over £5m, and 75% for estates over £10m.
New state/private British companies to compete with state capitalism
State equity companies to strengthen private companies to help medium-seized companies grow into world players, to develop green technologies, to boost employment and the work ethic, and to revive the “Made in Britain” label.
Public expenditure and public services
More hospitals, more doctors and more teachers to match international levels. A levy on private schools for their disproportionate use of teaching resources. Higher state pensions for lowly paid to avoid means testing of their savings. Less military expenditure. Support nuclear cut-backs by no to Trident. Leave Afghanistan. More control over North Sea oil instead of further wars for oil.
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