How a 13% wealth tax on the richest 1,000 people in the UK could end austerity tomorrow

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?If there is one phrase that has echoed through the recession and the era of austerity it is David Cameron’s 2009 statement that “we are all in this together”.  What he presumably wished to confer by this was that even though tough cuts were going to be implemented everyone would pay their ‘fair’ share in order to overcome our economic woes. (

Put in the simplest way possible the aim of ‘austerity’ is to firstly: eliminate the UK’s deficit (the amount of money spent year on year by the government minus the tax intake) and secondly:  once the deficit is closed to cut into and reduce the UK national debt (the total amount owed by the government) through having a higher income than expenditure

Eliminating a budget deficit and cutting debt via austerity can be achieved two ways:  By either cutting services or increasing taxes
The Conservative government hopes to complete the first step of austerity (eliminate the deficit) by 2020.
Austerity has been in place since 2010 and will continue at least until 2020 so the question has to be asked – have we really been in this together? (

According to the Guardian and data from the Sunday Times rich list Britain’s billionaires have seen their net worth double from 2009 to 2015 and the 1,000 richest people in Britain now control a total wealth of £519bn (2014 figure), a wealth which grew by 28 billion pounds (or 77 million pounds a day) in the year 2013 to 2014.  Meaning the 1,000 richest people have roughly as much wealth as the poorest 40% of the UK (25 million people). (