Labour urged to 'cut taxes' in order to 'raise money' by Andrew Griffith

GB News

Andrew Griffith has warned Sir Keir Starmer of a mass exodus of Britain's top earners amid plans for a "wealth tax".Speaking to GB News, the Shadow Business and Trade Secretary cautioned the Prime Minister that Britons will have to "foot the bill" as there is "no magic money tree".FULL STORY HERE.

Transcript

00:00It's just depressing. The lack of understanding from this government.

00:05I mean, they genuinely believe there's a magic money tree.

00:08It is insane when people are voting with their feet.

00:11Some of the people that pay, we have a hugely progressive tax system in this country.

00:15The top 1% pay fully 30% of all income tax.

00:19Imagine a system that's so precarious as that, that if that top 1% leave,

00:24as we're seeing day by day more evidence mounting that they are,

00:28that everybody else is going to have to pay more to make good that 30% hole in income tax.

00:35You're right on capital taxes.

00:38And the great learning over time is that actually there's a sweet spot in tax.

00:44It's why Ireland has one of the highest levels of individual prosperity, GDP per capita,

00:50the amount of their economy, their living standards,

00:54because they discovered what many people already knew,

00:58particularly, Art Laffer, the great economist,

01:01that if you, at some points, reduce tax, you actually raise more money.

01:06Then you can go and do things that socialists love doing,

01:09spending money on our unreformed public services,

01:12redistributing wealth within society.

01:14But you do that off the back of a bigger cake to start off with.

01:17OK, but we both supported Liz Truss,

01:19and she tried this, and she was out within seven weeks.

01:22And as you know, subsequent investigations into things like the Bank of England

01:28and the degree of concentration of our pension funds in gilts

01:32undoubtedly played a role around that.

01:35I'm not going into the individual execution of things.

01:40But that has to be where the Conservative Party,

01:42the consistent party of economic competence that believes in people keeping more of what they earn,

01:48and government spending the minimum consistent with providing a basic safety net in society,

01:54that, to me, is where the Conservative Party is right to pitch its tents.

02:00And it's probably no coincidence that we've had a few good weeks, actually,

02:03and Kemi's done a lot of talking about the economy,

02:06about some honest truths about the state we're in,

02:10but also talking about those first principle conservative values

02:13as it comes to the economy.

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