Green Co-Leader Adrian Ramsay Defends Borrowing Strategy, Distances from Liz Truss’s Economic Policies

Green Party co-leader dismisses similarities to Liz Truss regarding fiscal policies

Adrian Ramsay contends that his party's borrowing aims for investment purposes, contrasting with the former Conservative leader, who, he claims, borrowed to provide tax reductions for society's wealthiest members.

Political correspondent @AmroJourno

Thursday, June 20, 2024, at 2

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The joint leader of the Greens has dismissed any parallels drawn with Liz Truss regarding his proposal to fund his party's policies through borrowing amounts similar to those during the COVID pandemic.

Adrian Ramsay, co-leader of the Greens with Carla Denyer, did not dismiss the idea that their party plans to allocate £325 billion in public service investments over the parliament's term.

In a conversation with Sophy Ridge, the principal political anchor for Sky News, Mr. Ramsay refuted the idea that his policy suggestions were similar to those of a former prime minister, whose economic strategies failed and led to her resignation.

The House of Commons library has estimated that the government's total expenditure on COVID-19 responses falls between approximately £310 billion and £410 billion.

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Sky News economics editor Ed Conway analyzed the financial figures in the Green Party's manifesto, which amounted to £325 billion.

When asked if his party might consider borrowing the mentioned amount to support their spending plans, Mr. Ramsay explained, "Our plan is to cover the additional recurring expenses over the parliamentary term through raised recurring taxes."

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He further explained, "We are taking on this debt to fund investments. These investments are crucial for the renovation of our deteriorating educational facilities and healthcare structures."

The Green Party unveiled their manifesto last week, which pledged to repair the UK's issues by funding improvements with contributions from the wealthiest individuals in society.

The proposal introduces a wealth tax of 1% on assets over £10 million and escalates to 2% for assets exceeding £1 billion. Additionally, it suggests aligning Capital Gains Tax rates with those of income tax for employees, and proposes the elimination of the upper earnings cap on national insurance contributions.

The Green Party estimates that their proposal could generate as much as £70 billion annually, and their initiative to implement a carbon tax could contribute an additional £80 billion to the national treasury.

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Stay informed with the most recent updates from the UK and international events by tuning into Sky News.

However, in contrast to some of their competitors, the Greens have explicitly stated their willingness to "borrow to invest" instead of being confined by a "self-imposed fiscal straitjacket."

When questioned about his use of similar language to that of Ms. Truss, Mr. Ramsay pointed out that unlike the former Conservative leader, who "borrowed to give tax breaks to the wealthiest," his approach was fundamentally different.

"He made the case for putting resources into a future that benefits all," he contended.

"We must implement these changes due to significant inequalities and escalating climate issues. Climate specialists consistently emphasize that the expenses incurred from ignoring the climate crisis far exceed those associated with addressing it."

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Mr. Ramsay supported the rise in taxes for individuals making over £50,000 by altering the national insurance rates for earners above this limit.

"He proposed that national insurance be reformed to a flat rate, where everyone contributes the same percentage of their income, irrespective of their earnings," he stated.

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"He emphasized that £50,000 isn't necessarily an excessive amount to earn."

Under the proposed plan, an individual with an annual income of £55,000 would see their weekly expenses increase by £5. However, it's important to consider the benefits accompanying this slight uptick in costs. Currently, individuals often resort to private dental care due to a lack of available services through the NHS, face steep train ticket prices, and contend with rising costs for both energy and groceries.

"Initiatives focused on sustainability aim to address the cost of living crisis and the underlying reasons why expenses are soaring. Investing in these areas would ultimately benefit everyone."

Catch the complete interview with Adrian Ramsay on Sophy Ridge's Politics Hub, airing at 7pm this Thursday.

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