Tax-Raising Fanatic Resolution Foundation Director Given Labour Candidacy
The current director of the Resolution Foundation, Torsten Bell, has been selected as Labour candidate for Swansea West this afternoon. He was told that Starmer’s team were desperate to have him. Co-conspirators may remember Bell, Labour’s Director of Policy under Ed Miliband, touring the news studios applauding the Chancellor for breaking the Tory manifesto promise not to hike NI contributions. Maybe he can serve as Labour minister for breaking tax pledges in a new government…
Bell’s Resolution Foundation released a landmark report in December called “A New Economic Strategy for Britain“. Its recommendations are:
- Make everyone pay inheritance tax by scrapping the nil-rate band.
- Raise Capital Gains Tax on shares to 37% and real estate to 53%
- Charge Capital Gains Tax on death and when moving out of UK.
- Slashing VAT registration threshold to £30,000.
- Scrap business and agricultural property reliefs.
- Hike basic rate of Dividend tax from 8.75% to 20%.
- Charge national insurance on rental income.
- Hike national insurance for higher self-employed incomes by 300% to 8%.
- Cut the £270,000 cap on tax-free pensions to £40,000.
- Introduce pay-per-mile road duty for electric vehicles.
- Scrap the 5p cut in fuel duty. Increase fuel duty by 2% every year.
- Hike vehicle excise duty for heavier cars.
At the same time Bell was arguing that ISAs should be abolished because they “work for the top“. His underlings at the Resolution Foundation have gone on to staff high-level positions at the Office for Budget Responsibility. Richard Hughes, the chairman of the OBR’s Budget Responsibility Committee, and Laura Gardiner, its Deputy Chief of Staff, are ex-Resolution. While Reeves pledges to hand the keys to the Treasury to the OBR, Labour MP Bell will have the ear of its top staff…
