The leading candidate to win control of Britain's opposition Labour Party said he would introduce a punitive windfall tax, aimed at recouping money lost by privatising state assets too cheaply, if he becomes prime minister in 2020.That would be a sure way of getting a lower than market price for future sales.
Taking specific aim at Royal Bank of Scotland, in which the government recently sold some of the large stake it owns, leftwing lawmaker Jeremy Corbyn pledged to revive a windfall tax on profits previously deployed by Labour when it won power in 1997.
Then, the incoming Labour government raised around 5 billion pounds by taxing utility firms that it said had been privatised too cheaply and were making excessive profits.
Friday, September 11, 2015
The windfalls of his mind
Back to the future of Labour, says Reuters;
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Government Motors: About that used car we sold to you last year.ReplyDelete
Buyer: What about it?
Government Motors: We want $4,000 more from you. It't running a lot better than we thought it would. Further, we think you unfairly knew that at the time and got a better deal than you should have.
Buyer: Why do you think I unfairly knew something?
Government Motors: Because we are the government, and everyone knows more than we do.