There have been many contenders for the title “the longest suicide note in history” a phrase originally coined by Labour MP Gerald Kaufman to describe Michael Foot’s 1983 general election manifesto, which emphasised socialist policies in a more profound manner than previous such documents – and which Kaufman felt would ensure that the Labour Party (then in opposition) would stay in opposition. Jeremy Corbyn’s new 2019 manifesto is equally as deadly. Well, obviously not for the mentally challenged benefit classes who will vote for anything offered for free, but, for those who actually get up every morning in the dark and forge their way to work, navigating congested public transport or pothole ridden roads, it reads like a ransom demand on your life!
The financial burden of Corbyn’s manifesto falls squarely on the shoulders of ‘the many, not the few’!
To be brief, the wealthy can afford to move their assets and cash anywhere in the world, should there be a radical socialist government returned to Downing Street on the 12th December. They simply form shell companies in tax havens, name their children as directors whilst reducing their tax liabilities to virtually Zero in the process. It is not wrong to do this, it’s legally permitted and to be fair, morally right. Most wealthy people are happy to pay their fair share of taxes. But when an extreme left government starts demanding 60/70/80% of your income, well that’s plain wrong!
Under Labour in the 1970s, Britain’s highest earners and job creating entrepreneurs were taxed up to a whopping 98%! They took home just 2p in every pound they earned. Probably, the only reason why the United States controls the Internet is because, one of those tax exiles who deserted the UK for America’s low-tax economy, was British genius; Tim Berners-Lee, the man who invented it and was part of, what was labelled at the time, “the brain drain”! There are many hundreds of other examples, from Rock Stars to industrial giants that simply took their money and employment opportunities to other countries, leaving the UK economy to crash and burn.
So, what is the Labour Party offering us for free in this manifesto? Let’s begin by reiterating the fact that, no millionaire or billionaire will be funding these pledges, only you, ‘the taxpayer’!!
Here is the figure £1 trillion – £1,000,000,000,000 – This is the amount Labour will borrow to fund all their manifesto promises.
1 million, 1 billion, 1 trillion… What’s the difference, it’s not a lot right! SERIOUSLY?? Let’s relate it to time, be prepared to be astonished!
1 million seconds equals 11.6 days
1 billion seconds equals 31.7 years
1 trillion seconds equals 317 years
ASTONISHED? I THOUGHT SO!
But it gets worse! There are only 31 million taxpayers in the UK. So, a Corbyn led Labour government borrowing £1 trillion to fund their wildly optimistic policies would saddle every taxpayer with a debt of £32,258 each!
The average UK taxpayer pays £5,000 per year. So, it would take over 6 years of all taxpayer revenues to pay that back right! Wrong!! Your taxes pay for many things, but the government spends more than you pay in, by borrowing through world markets – around £100 billion per year is paid by the government on borrowing and debt interest on £1.8 trillion of national debt. Add to this, the fact that almost 30% of all tax income revenue comes from the richest 10% – who, incidentally, would vanish under a Corbyn government – and you can see the scale of the tax burden that would hit you, the ordinary tax payer!
The £5,000 you, the average taxpayer gives to the Treasury is already accounted for in government spending on defence, policing, education, health, civil service, local government, national government, EU contributions, transport and a host of other commitments, including pensions and NGO/charities, debt interest, foreign aid etc. You get the idea! Corbyn’s £1 trillion extra borrowing would cost UK taxpayers another £32,258 on top of their regular £5,000 per annum.
How does Corbyn intend to use this extra £1 trillion of extra borrowing? Well, below is the list of things he has promised to provide, along with the associated costs.
There are so many other promises, totalling well over £1 trillion that the UK National debt would exceed £3 trillion – with annual interest payments alone costing £100 billion, before we even paid a penny off the debt. That’s more in interest payments than the government spends on Defence, Education and Policing added together in just one year!
If you think you can afford to vote for a Labour government, you are either totally mad, a student, an unemployed immigrant or a lifestyle benefit claimant, but definitely not one of the many (31 million) taxpayers!