Today the UK government will try to tell you that taxing people at record high rates is noble, sound and benevolent.
They’ll frame it as rich people pulling their weight to support those who aren’t so fortunate.
What they won’t tell you:
- £128Billion of tax money is going to service government debt. This money gets paid to anyone who holds UK bonds; typically other governments, High Net Worth Individuals, etc. In a very real way, our taxes go to paying passive income to the rich.
- Servicing debt costs more than double the UK defence budget (£55B) and £20B more than education.
- We are in debt because the government had a massive knee-jerk reaction in 2020. They borrowed tens of billions for stuff that has no residual value - we have 300M shots, an IT system that is now worthless, extended waiting lists on the NHS from lockdowns and the residual costs of the furlough scheme.
- In a very real way, we will pay billions to China who holds UK bonds and we got in debt because of something that leaked out of China.
- The debt servicing will not go down. Government never pay back their loans they just service greater and greater amounts of debt in the hope the economy will grow. They saddle us with debt and then we have to come up with new ways to pay it and then they claim a victory that debt to GDP ratios have improved.
- When they tax us more, they use our taxes to apply for more debt. As soon as these new taxes are approved
@Keir_Starmer can head across to the BoE and apply for more loans - and that is exactly what he will do.
Don’t buy the sob story about the richest having to send money to the poorest. The reason the UK taxes are so high is because the government debt is so high. We borrowed for a bunch of useless stuff and now we have to service the interest payments. Our taxes go directly towards paying passive income to rich people, rich companies and other countries that hold UK bonds.