Green Party Pledges £70bn Annual Tax Hike on Wealthy to Revitalize UK
The Green Party has unveiled its manifesto, committing to raise taxes on high earners to generate £70bn annually, aimed at addressing the climate crisis, housing issues, and NHS funding. Key proposals include increasing the National Insurance (NI) rate to 8% on earnings over £50,270, adding £283.74 annually for someone earning £55,000.
Party co-leader Adrian Ramsay emphasized the Greens’ unique stance on necessary reforms. The manifesto also advocates for enhancing home energy efficiency and halting new fossil fuel projects. Although not anticipating forming the next government, the Greens aim to secure four key seats in Parliament to influence policy.
A new wealth tax of 1% on assets over £10m, rising to 2% on assets above £1bn, is projected to raise £15bn annually for the NHS. Ramsay noted this increase is modest compared to European standards, addressing the “conspiracy of silence” on tax hikes. Despite potential millionaire departures, he believes most affluent individuals will remain.
The Green Party’s strategy includes contrasting themselves with Labour and Conservatives, pushing for bolder climate policies. Their Green Economic Transition programme focuses on making UK homes more energy-efficient and cost-effective.