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Liberal Party Policy Statement – Time for a Radical approach to Taxation

In light of the recent budget by the Tory chancellor Jeremy Hunt, one cannot help but note the lack of any real radicalism in taxation policy on the part of the Tories. Tories have a very good knack of tinkering round the edges in every consecutive budget and implementing certain ‘good’ taxation policies when it is politically convenient to do so, most notably recently in the budget, ‘Full Expensing’. 

The Liberal Party has historically always taken a radical approach when it comes to implementing policy, especially, taxation. We as a party affirm the view that Fiscal Policy should always prioritise those on the lowest end of the income-spectrum first as well as the millions of SME’s. 

Furthermore, with the public finances having seen a real strain in recent times with Tory austerity, coupled with the outbreak of the pandemic – now more than ever would be the right time to implement taxation policies which not only delivers in the public interest but also sets out a clear and concise agenda as to what direction we as a country want to be heading in. 

The party has a whole myriad of radical taxation policies, which would not only plug the gap in the public finances but also set the country on a more sustainable and equitable footing – everything from replacing Business Rates/Council Tax with a Land Value Tax, equalising Capital Gains and Dividends Tax with Income Tax, increasing the Personal Tax Threshold up to 20K and lastly, implementing a Carbon Tax at £250 per metric tonne. 

If you would like to see more of our radical taxation policies, then please check out our policies on the website