I am prepared to give Labour time – the summer recess is inconvenient but will maybe give them time to assess the most urgent needs facing the country. It is obvious that spending will be needed to get the economy back on track. This can come from 3 sources; firstly austerity and cutting public services – well not much room for this and we have seen how it failed Cameron; increasing borrowing – which will not go down well in financial markets when Tories seem to have maxed out the credit card; which leaves tax rises – and Labour have already put restrictions on this.
A wealth tax would be a possibility – tax those with over 5 million 3% of their wealth. I doubt many voters would object to this. The removal of the winter fuel allowance has been met with a bit of whinging from the left, but without much comment from the right. Council tax reform would be generally welcome, especially in the poorer parts of the country that habve been squeezed ever since Thatcher.
Infra structure projects need urgent funding and borrowing seems to be the best way, the City will assess the investment and eventually approve. One off wealth taxes on the energy companies should be considered, although it is fair to acknowledge that they get most of their profits abroad. The banks are a better target but again caution is needed, London is diminishing in status with firms placing on foreign stock markets. A tax on profits made in the UK by multinationals may be difficult, but would be popular; who could complain about Amazon, Meta, Apple, X paying teir fair share of tax. Tax avoidance could also see great returns – even the emigration of the likes of Rees-Mogg!
Many industries need sorting out – the press for a start. Funding from abroad should not be allowed, or by non-tax payers – bye-bye, Sun, Times, Mail, Express, iPaper, Telegraph, Spectator. Impact on free speech would be minimal as there are plenty of fascists in this country ready to step into the void/cesspit.
Water companies – could a deal be struck somehow? They have been created in such a way that renationalisation is not a simple option. However a squeeze could be put on with fines, restrictions on bonus’ and dividends until they plead to be bought out?
The railways is simpler – as their contracts run out, no renewal. The road network also needs attention. Then aviation. Do away with tax free fuel for starters, then put a time limit on conversion to electric flights for domestic flights. Private flights could be charged a surcharge (well all flights – but those with customers could pass on the cost). That would raise a lot!
Would these things be universally popular? No, but Labour only have less than 5 tears to make a difference, to make society better.