The City of London contributes £294 billion to the British economy and £110 billion in taxes. The land of walking sticks, bowler hats and umbrellas has gone only to become an art piece in a City Bar. In October the non doms leave the money that fuels much exit preceded by those flush cash foreigners. The Russians already gone, great swathes of central a ghost town of homes just waiting to be taxed. Empty properties with no lights on as no one lives there. Canary Wharf that second city is dying no sooner it was born as the need for office space gives way to home alone.
So much was achieved in the mid 20th Century yet it’s all been sold, buildings, energy , utilities , department stores. Railways, highways, council flats. Sold to adventure capitalists who have leveraged the farm and squeezed the pips, so much that doubling the bills is the only way to survive. Survival is not revival. We have all been bamboozled. We are trying to build homes that no one can afford to buy , result housing starts are falling. Homes to live in a dearth. Soon we will know what’s in Rachel’s Red Box, 30th October. Rachel who promised no tax increases pre election found a £22 billion black hole on arriving at Number 11 , so has relented and just has to do what a girl has to do. CGT ( your gain for me ) IHT ( none left for thee ) SDLT ( stamped on ), VAT ( education not free ) Pensions ( something to take old of ) , Wealth tax ( council tax doubled ). Then the only bastion that English castle left to tax is gains on home sales. That will come but if there is tax on transactions then transactions will not transact. Mobility will be eradicated and the stay indoors strategy work. Britain is highly taxed and lowly paid. To reverse the status quo will take a miracle and we need one.
At the end of the day we own nothing, mere stewards as we pass through and pass on. It is this very fact that we must remember. Government can tax everything and everyone but ultimately if there is no incentive to earn then Government will kill the goose that lays the golden egg. Kill the goose and heartily eat, no more eggs. As technology improves our lives it also destroys. The goose needs to be cared for not slain by the axe of tax. The City of London is shrinking from bad thinking and that’s a pity.
qbitblogger 