Spring Statement Reaction - Trader Gary Stevenson
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“Raise taxes on the rich, the super rich or millionaires like me, or millionaires like Rishi himself, so that we can support the ordinary, hard working families of this country.” Former trader turned inequality economist @GarysEconomics tells Times Radio he wants to pay more tax on his wealth. Times Radio brings you the latest breaking news, expert analysis and well-informed discussion on the biggest stories of the day, delivered with warmth, expertise and balance. Original Tweet: twitter.com Gary Stevenson on Times Radio with Mariella Frostrup Broadcast on 25/03/2022 @ 15:10 & uploaded with permission from Times Radio TIMES RADIO WEBSITE: thetimes.co.uk SOCIAL MEDIA: WEBSITE - wealtheconomics.org TWITTER - @garyseconomics FACEBOOK - garyseconomics INSTAGRAM - garyseconomics Spoken by Mariella Frostrup TIMES RADIO Spoken by Gary Stevenson GARY'S ECONOMICS Uploaded by Simran Mohan MOHAN MEDIA
Gary Stevenson delivers a pointed reaction to the Spring Statement, arguing that chancellor Rishi Sunak has shifted the tax burden onto ordinary working people while allowing the wealthiest to accumulate more wealth. He emphasizes that the policy changes effectively cut taxes for the super rich and raise taxes on the middle and working classes through national insurance and other measures. He cites data and anecdotes about wealth gains among millionaires during the pandemic, including specific figures for the wealth of individuals like Richard Sunak and broader billionaire gains, to frame his argument that inequality has widened under the current administration. The speaker asserts that the few small handouts announced in the statement are far from compensating the thousands of pounds in extra living costs faced by most families. He warns of consequences such as homelessness and reduced consumer spending if disposable income continues to shrink, and he connects these outcomes to a potential long-term drag on the economy. The overall tone is urgent and accusatory, positioning the policy as political theater rather than sound economics, and calling for a reallocation of wealth from the ultra-rich to the ordinary households to prevent a deeper economic slump. The message concludes with a rallying appeal for public support and continued advocacy against tax policies that disproportionately affect non-wealthy citizens.
Topics · economy · tax policy · public finance · news & politics
Questions answered
- What is Gary Stevenson criticizing about the Spring Statement?
- He criticizes it for raising taxes on ordinary working people via national insurance while the wealthiest accumulate more wealth, calling it unfair and insufficient to offset living costs.
- Does the video provide data to support the claim about wealth gains among the ultra-rich?
- Yes, Stevenson cites figures about wealth increases among millionaires and billionaires during the pandemic to argue that the rich have benefited disproportionately.