Labour vs Tory economics and how we pay for them, in two easily shareable images! Labour policies costed image and a great tweet below. Sources and further information at the end.
Labour Policies Costed - Eoin Clarke, LabourEoin on Twitter: click to see full size
History suggests Labour have always been more competent than the Conservatives Economic Competence Revisited
The Conservatives have been the biggest borrowers over the last 70 years:
"First Labour invariably borrows less than the Conservatives. The data always shows that.
And second, Labour has always repaid debt more often than the Conservatives, and has always repaid more debt, on average.
Or, to put it another way, the Conservatives are the party of high UK borrowing and low debt repayment contrary to all popular belief, including that of most radio presenters. Which means that the next time I am presented with that nonsense I will be very firmly rebutting it."
Economists Back Corbyn
Austerity does not work:
Myth of Tory economic competence video by EL4C
References and further research for all the information in the above red background graphics:
John Mcdonnell's full speech.
Parliament Borrowing & debt
Tax Research - Conservatives party of high borrowing and low repayment
Professor of Economic Policy Simon Wren-Lewis Economic Competence Revisited
Another Angry Voice - How to answer the Corbyn's unellectable trope
Tories Hated Benefit Sanction Regime Costs £153 million per year more than is saved
TORY
ECONOMICS
Austerity after the Bank crash.
Poor to pay for the mistakes and greed of speculators. Welfare and
protection given to Corporations and wealthiest in the form of tax cuts and
bonuses.
Sell off assets through privatisation. Severely limit investment. Creating short-term returns but limiting
our earning potential long-term.
Economic crisis prolonged. Tories
plan to continue on this destructive path despite expert evidence advising
the opposite.
Contrary to what many believe the Conservatives borrow more and pay
back less debt than Labour. In fact,
the Conservatives have created more new debt in the last 5 years than all
Labour governments combined.
Wages lower than before financial crisis 2008
Zero hour contracts – 1 million unable to plan for rent or bill
payments, creating severe instability.
Bogus
Self-employment forcing people to be available for work without pay.
Welfare for Corporations allowed to exploit workers and pay less than
the living wage. Many on benefits are
now in full –time work. We subsidise Corporations
with our taxes.
TORY
ECONOMICS
PUBLIC SERVICES
NHS
Reduce funding to breaking point.
Increase privatisation. This
strategy will likely lead to us adopting a similar system to the USA with insurance
payments, rather than free at the point of use services. Low pay for Nurses with many needing to use
food banks to survive after a long and difficult working week.
EDUCATION
University education costs up to £9,000 per year. Our children have to take on an average
£50,000 of crippling debt. Only the
wealthiest can comfortably develop their talents.
WELFARE
Cut Tax Credits for working families and Personal Independence
Payments for the disabled. Sanction
welfare recipients who have no other means to survive.
Implementing sanctions cost the tax payer £153 million more per year
to implement than was saved. Again
private companies paid extortionate amounts, transferring the wealth from the
most vulnerable to the wealthiest. 80
people per month are dying after declared fit for work. Time for the myth of Tory economic
competence to end.
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LABOUR
ECONOMICS
Austerity is destructive for society.
The Tories went against majority academic opinion to impose
austerity. Losses outweigh savings
made, the national debt has doubled, and recovery will be delayed as a
consequence.
Investment in infrastructure, manufacturing, broadband, energy etc. Invest in local businesses so they can grow
and create more jobs. Bring profitable
services such as public transport back into government control. Pay off
crippling private finance. All so we start earning as a Country again.
Labour will continue honouring their tradition of borrowing less and
repaying more debt overall than the Conservatives. Labour are listening to the advice of expert
Economists, including Nobel Prize winner Joe Stiglitz.
Living Wage £10 Minimum
End to Zero hour contracts.
Return to safe and secure well paid jobs.
Making Corporations pay a fair living wage, so we don’t have to subsidise
them by topping up exploitative low wages with benefits.
LABOUR
ECONOMICS
NHS
Fund the NHS. Provide Doctors
and Nurses with what they need to treat us.
Paying Nurses properly so they do not have to rely on handouts to
survive.
EDUCATION
Free Education to help people who need it into well paid jobs. We lose so much talent. Think of the brilliant would be doctors,
nurses, teachers and scientists etc, who just can’t afford to train. What a
waste.
Taking care of the most vulnerable in our society.
Providing free school meals for primary pupils so no child goes
hungry.
Tackling the consequences of Tory austerity including:
19m on edge of poverty
4m children in poverty
Homelessness crisis
More than 1m food bank parcels given out yearly, many for working
families.
86% of cuts falling on women
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HOW DO
WE PAY?
A 500bn National Investment bank will enable investment in local
projects and businesses, generating growth into every community. Private banks have had unreasonable power
over who receives investment for too long.
Every successful business knows they have to invest to increase and
maintain stable ongoing profits. After
initial investment this economic strategy will pay for itself as our Country
starts earning again. Meanwhile, more
jobs will be created ensuring that more tax revenue is collected and the
welfare bill is reduced.
Labour have been and will continue to be a more economically
competent government than the Conservatives.
Large corporations will be picking up the majority of the bill for
this economic change. We will be
benefitting from higher tax collection and lower in-work benefits and welfare
payments.
HOW WILL
WE PAY?
Labour will shift the tax burden from those who earn wages and
salaries to those who hold wealth.
Tax fairly and effectively:
Reverse Tory multinational Corporation Tax cuts (28% to 11% by 2020). Patriots pay their taxes. Global average Corp tax rates are 27%. Raises £64 billion.
Tackle wealthy tax avoiders who underreport their income, and evaders
who use currently legal means to reduce their tax burden. The Panama papers alerted us to the massive
scale of this, we must hold wealthy tax dodgers to account.
End tax havens, so the taxes that are supposed to come into our
economy do. Collect fair taxes from
large corporations, rather than giving them deals. You can’t negotiate your tax bill with
HMRC, why should they?
VAT on Independent schools raises 1.1 bn.
Together with fairer taxation for the wealthiest, Insisting businesses
pay a fair living wage to employees will reduce in-work benefits. Creating more jobs through investment will
lower the welfare bill overall and increase tax revenue.
Saving £153 million annually paid to private companies who put vulnerable
poor + disabled into severe financial distress.
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