Fuel For Thought 21 Recap
By Amal Pouzoulet
In November, we spoke about the current state of our economy, one week ahead of the Autumn budget announcement.
Nuri Syed-Corser led a conversation spanning wealth tax, the pernicious effects of having “super-rich” individuals, and global tax-justice in an age of UN Tax Convention.
Together, we discussed the harms of extreme wealth, how it drives poverty, climate breakdown, and undermines democracy and governments’ power to act in our interest.
We debunked some myths associated with “super-rich” individuals and taxing them, including the persistent claim that taxes on wealth incite people to leave. And last but not least, we touched on redistribution, such as an ‘extreme wealth line’.
“What we need to do locally and regionally is to promote a more shared, equitable and democratic economy”
Cllr Matthew Brown – Leader of Preston Council
Following on from this, we moved to talking about a very different kind of wealth: Community Wealth. As introduced by the Leader of Preston Council, Councillor Matthew Brown.
He spoke to his efforts to reverse decades of economic flat-lining brought on by austerity and blind faith in neoliberal economic approaches, which never delivered the investment and jobs they claimed.
Attempting to address this, Cllr Brown spearheaded the implementation of a Community Wealth Building approach to policymaking in the council when Labour took control in the mid-90’s.
Cllr Brown spoke in some detail of how they achieved wealth-building in Preston. Pooling wealth together to re-invest locally was essential, through the involvement of not-for-profit, and public institutions.
This started with pushing for a living wage for employees across Preston, followed with bringing back a credit union, leveraging public institutions and private developers to procure work and goods from local businesses, and much, much more.
Listen to Cllr Matthew Brown’s talk in full here, and the discussion that followed.
Resources:
- What the budget could mean for you (incl energy bills) – experts react to the chancellor’s announcement
- How the super-rich avoid paying taxes (YouTube)
- The Extreme Harm of Extreme Wealth | War on Want
- The UN Tax Convention: the government’s chance to stand for economic justice | Bond
- Infographic: The extreme wealth of the superrich is making our economies insecure – Tax Justice Network
- Millionaire exodus did not occur, study reveals – Tax Justice Network
- What is community wealth building? | CLES
- Community Wealth Building in Preston | CLES
- Community wealth building – Cities and regions – gov.scot
