Young Labour Propose 10 Percent Wealth Tax

Young Labour Propose 10 Percent Wealth Tax

Young Labour lurched to the left at their conference last weekend, by proposing a 10 percent one-off wealth tax on the richest 10 percent. The move – which has been widely condemned as irresponsible – came during a stormy weekend, of intimidation, bullying and left wing motions.

One delegate, Cameron Beavan-King, attacked the event claiming that “the left (were) reasserting themselves, with a series of extreme proposals” including the wealth tax. The plan would force everyone subjected to it to hand over 10 percent of any property they have including land, shares and cars.

Ryan Bourne from the Institute of Economic Affairs was unimpressed with the idea, “A wealth tax, even if one-off, would be an extraordinary attack on private property rights which would no doubt lead to huge capital flight from the UK – either in anticipation or else in reaction to this arbitrary use of tax-raising power,” he said.

“This is pure socialistic dogma, and will do nothing to cure our long-term spending problem, which will only be solved with long-term reform of what our governments do.”

“These sorts of wealth levies were of course applied widely in Europe after World War I. And we all know how well that worked out.”

Mr Bourne’s comments echoed widespread criticism of the proposal. David Morris MP said: “This shows that Labour have turned to the left under Ed Miliband’s leadership. Proposals like this would wreck our economic recovery and send us back to the dark days of the 1970’s.”

“If Labour win the next election this is exactly the sort of loony leftie policy that we can expect.”

Also at the conference Young Labour voted to reject plans to break Labour’s link to the Trade Unions. The vote was close after widespread intimidation by Union backed bully boys.

Young Labour is the youth wing of the Labour Party, all members aged 14 to 26 are automatically signed up.