Taxing burden

Just as the febrile political activity in Westminster reaches its climax, our potential leaders are readying themselves to tackle the national deficit through a slash and burn assault on our much admired and appreciated public services, despite the economic and political reality that such blood-letting is neither required nor acceptable in a civilised society.

We all accept the debt has to be dealt with but why should the general public carry the can when they neither desired nor engineered the financial debacle? There are alternative solutions.

According to figures released by the Office for National Statistics (ONS), our annual output is measured at 1.4 trillion, which almost equates to the 1.3 trillion of public cash which the last government made available to the banking sector, and total wealth in the UK amounts to an incredible 9.1 trillion.

The ONS also states that the richest 10 per cent of the population owns and controls 44 per cent of this bonanza which equates to 4 trillion.

If this super-rich strata of society had their wealth taxed at a very reasonable rate of 5 per cent – leaving them with 95 per cent – instead of the incredulous 0.5 per cent they actually pay, the exchequer would raise 200 billion, which is more than enough to draw down the deficit and fund actual improvements to our public services.

But why stop at 5 per cent? Is this what the billionaires tremble at and does this explain the deafening silence from the establishment on this issue?

RAYMOND MENNIE

Fellow of the Higher Education Academy

Milnbank Road, Dundee