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Greens call for wealth tax to tackle soaring inequality

The Green Party has responded to the Oxfam report published today, which reveals eight billionaires own the same wealth as the poorest 50% of the world’s population. [1]

Molly Scott Cato MEP, the Green Party's candidate for Bristol West and speaker on economics and finance, said the Party has agreed policies for tackling inequality. She said:

“Greens have long established policies on tackling the grotesque inequalities in our society. We call for a maximum pay ratio of 10:1 between the highest and lowest paid in an organisation; a wealth tax of 2% a year on the top earners, reform of inheritance tax so it is calculated according to the circumstances of the recipient rather than the donor; and a citizen’s income – a guaranteed, non-means-tested income for everyone which would prevent people falling into the poverty trap.

“These redistributive policies can help create not only a fairer society, but also, as is well documented, [2], a happier and healthier one for everyone, both rich and poor.”

Jonathan Bartley, Green Party co-leader, said:

“This report confirms how wealth inequality has soared to an appalling new level, with just eight men amassing the same wealth as a staggering 3.6 billion people. Globalisation is benefiting an elite few while the overwhelming majority continue to live in insecurity and extreme poverty.

“As economic and political leaders gather in Davos for the World Economic Forum, they need to recognise inequality of this magnitude is not going to fix itself. The system is failing us all and business as usual should no longer be an option.”

Notes:

1.http://www.oxfam.org.uk/media-centre/press-releases/2017/01/eight-people-own-same-wealth-as-half-the-world?intcmp=HPWWLWP_grid_Davosstat

2. https://www.equalitytrust.org.uk/why-more-equality

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