Nick Ferrari sold on caller's 'three one-off taxes' plan to raise cost-of-living funds
11 August 2022, 16:58
'In the next 60 seconds I'm going to raise £20bn for you.'
This caller amazes Nick Ferrari with tax proposals that could be enacted "tomorrow" to help Brits with the cost of living.
It comes as crisis talks with energy firms held at Downing Street today ended with no details of any plans to help struggling people, following warnings annual bills could hit £5,000 next year.
After the talks, Boris Johnson doubled down on his stance that it is a matter for his successor to address the issue.The UK’s biggest energy firms said they would “work closely” with the Government to offer more support for struggling households as bills soar.
Caller John outlined his plans to Nick Ferrari: "The first thing I would do is that there are 1.2 million people who earn over £100,000 a year, and I would reduce their personal tax allowance to zero for the next two years and that would raise £6 billion.
"2,500 times 1.2 million, that's £3bn, for the next two years.
"The next thing I would do is any companies earning over £100,000 I would raise the corporate tax rate from 19 to 21% and that would raise another £6bn. Again, one off, for one year."
Caller Gary's utterly heartbreaking story leaves LBC listeners in tears
"And the third thing I would do, is I would get hold of the utility companies and I would raise another £6bn through windfall taxes which I would distribute to everybody, including the wealthy, and that would mean an extra £2000 per household," John continued.
John said the money raised would also mean the government could allow people earning under £25,000 a year to pay no income tax for two years.
