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Tuesday, 11 September 2012

Vince Cable


Let Vince set up this new bank.

Conditions.

1. He puts his personal wealth and pension on the line. He's keen for bankers to do this, he should do the same. So first losses come off his wealth before we get hit.

2. No special treatment. He has to learn first hand what it means to set up a business in the UK, in particular a bank.

3. For example, will he pass the test on being a fit and proper person giving his track record of violating the human rights act. [Right to a fair trial, and he's the judge whose going to war on one of the participants]

4. Then once removed from the business department, axe it. Lots of money to reduce corporation tax or cut.

Spending £16.5 billion.

Income tax receipts, 150 bn. People could have a 10% reduction in their income tax payments.

What would they choose? Uncle Vince or the money?

Capital gains tax raised 4 bn. That could go - completely

Inheritance tax - 3 bn. You could get rid of that too.

Stamp duty - 6 bn. So you could get the housing market moving with removal of that, IHT and CGT.

You could even get rid of airline passenger duty, or alternatively tax on insurance.

I think its time to axe that department completely.

http://www.hmrc.gov.uk/stats/tax_receipts/tax-receipts-and-taxpayers.pdf

Details on the receipts.

http://en.wikipedia.org/wiki/Department_for_Business,_Innovation_and_Skills

For how much Vince Cable costs us

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