PARLIAMENTARY EARLY DAY MOTION
ALTERNATIVE BUDGET STRATEGY (7 December 2010)

That this House notes that on the Government's own estimates the economic growth dividend is expected to yield an extra 60 billion over the next five years; notes too that the tax information agreements the Government has reached with the governments of countries of known tax havens are now expected to yield 10 billion, 10 times more than the original estimates, with more to be raised in future; further notes that ending tax breaks for the top two per cent. of taxpayers, aligning capital gains tax with higher rate income tax, uncapping national insurance contributions, and introducing a financial activities tax would raise an extra 25 billion a year; asserts that a major public sector job creation programme focused on labour-intensive sectors such as infrastructure, house-building and the new green digital economy would substantially lower unemployment and thus cut the deficit fastest by reducing the costs of benefits and increasing tax revenues; and therefore calls on the Government to draw back from its spending cuts and pursue these alternative means of reducing the deficit.

Sponsored by:
Mr Michael Meacher (Labour)