Should the U.K. raise taxes on the rich? Learn more?
The top tax rate in the UK is 45%. For the 2022/23 tax year, if you live in England, Wales or Northern Ireland, there are three marginal income tax bands – the 20% basic rate, the 40% higher rate and the 45% additional rate. Marginal bands mean you only pay the specified tax rate on that portion of salary. For example, if your salary puts you in the 40% tax bracket, then you only pay 40% tax on the segment of earnings in that income tax band. For the lower part of your earnings, you’ll still pay the appropriate 20% or 0%. If you live in Scotland, there are five marginal income tax bands – the starter rate of 19%, the 20% basic rate, the 21% intermediate rate, the 41% higher rate and the 46% additional rate. See public opinion
Should the government classify cryptocurrencies as legal forms of payment? Learn more?
Cryptocurrencies are a collection of binary data which is designed to work as a medium of exchange wherein individual coin ownership records are stored on a public ledger using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of ownership. See public opinion
Should the government raise the national minimum wage? Learn more?
Tabled in 2015, and officially introduced in 2016, the National Living Wage is a wage scheme designed to be higher than the minimum wage. It applies to all those aged 23 and up who are not in the first year of an apprenticeship. From 1 April 2022, the National Living Wage stands at £9.50 per hour. For the vast majority of workers in the UK, the minimum wage in 2022 will see increases across the board across each relevant age range. That includes wages for 16-17-year-olds (£4.81 with a 4.1% increase), 18-20-year-olds (£6.83 with a 4.1% increase) and 21-22-year-olds (£9.18 with a 9.8% increase). See public opinion
Should the government prosecute people who avoid paying taxes by hiding money in foreign bank accounts? Learn more?
A former employee of HSBC recently leaked data that revealed 106,000 of the bank’s clients in Switzerland held secret accounts with the bank for the sole purpose of avoiding taxes. The leak revealed that the clients came from over 200 countries and were hiding over $118 billion dollars in the accounts. The data also revealed that HM Revenue and Customs failed to prosecute citizens who they knew were liable for unpaid taxes. Proponents of prosecution believe the government should take a more active role in monitoring people’s taxes and those caught evading taxes should be subject to stiff fines or jail time. Opponents believe that the people who evaded taxes were not breaking any laws since their funds were stored in Swiss bank accounts. See public opinion
Should the top tax rate of income over £150,000 be raised to 50 percent? Learn more?
The current tax rate for individuals making over £150,001 per year is 38% for dividend income, 45% for saving income and 45% for other income. See public opinion
Should the government make cuts to public spending in order to reduce the national debt? Learn more?
UK general government gross debt was £2,365.4 billion at the end of Quarter 1 (Jan to Mar) 2022, equivalent to 99.6% of gross domestic product (GDP). UK general government deficit (or net borrowing) was £15.8 billion in Quarter 1 2022, equivalent to 2.6% of GDP. In 2022 British government debt rose to its highest level in almost 60 years. Government borrowing increased to 20 billion pounds in September, 2.2 billion pounds more than in September 2021 and 5.2 billion pounds more than forecast in March by the independent Office for Budget Responsibility, the ONS said. See public opinion
Should homeowners pay higher taxes on "mansions" valued over £2m? Learn more?
Currently, the UK does not tax residential property on an annual basis. The "Mansion Tax" is a proposed annual property tax on homes valued at or over £2 million that would increase tax revenue to allow for a decrease in tax rate for low earners. Proposals estimate that properties valued between £2m and £3m would pay £3,000 per annum, but properties over £3m would pay considerably more. Commentators have suggested that in order to raise the projected £1.2bn, the Mansion Tax payable on homes over £3m would have to be £28,000. See public opinion
Should there be fewer or more restrictions on current welfare benefits? Learn more?
In 2021/22 the UK government is expected to spend approximately 216 billion British pounds on benefits, an increase of around three million pounds when compared with the previous year. A single unemployed adult aged 25 or over receives a monthly benefit payment of 325 pounds ($439). In January 2022 the British government announced it would tighten rules for some people claiming unemployment benefits. Currently job seekers receiving state benefits can spend up to three months looking purely for work similar to their previous job, but this will soon be reduced to four weeks, the Department for Work and Pensions said. See public opinion
Should the U.K. raise or lower the tax rate for corporations? Learn more?
On 23 September 2022, the government announced that the increase in the Corporation Tax main rate to 25% and the introduction of a small profits rate of tax from 1 April 2023. The U.S. currently taxes corporations at 21%, France at 26.5% and Germany at 15%. See public opinion
Should the technology of our financial system transition to a decentralized protocol, that is not owned or controlled by any corporation, similar to the internet? Learn more?
Decentralized Finance (commonly referred to as DeFi) is a blockchain based and cryptographically secure form of finance. Inspired after the financial crisis of 2008, DeFi does not rely on central financial intermediaries such as brokerages, exchanges, or banks to offer traditional financial instruments, and instead utilizes smart contracts on blockchains, the most common being Ethereum. DeFi platforms allow people to verify any transfer of ownership, lend or borrow funds from others, speculate on price movements on a range of assets using derivatives, trade cryptocurrencies, insure against risks, and earn interest in savings-like accounts. Proponents argue that decentralized protocols have already revolutionized the security and efficiency of many existing industries and the financial industry is long overdue. Opponents argue that the anonymity of decentralized protocols make it easier for criminals to transfer funds. https://www.youtube.com/watch?v=H-O3r2YMWJ4> See public opinion
Should the U.K. pursue free trade deals with other countries? Learn more?
In 2019 conservative leader Boris Johnson proposed a Brexit agreement with the European Union that would take the U.K. out of the EU’s customs area and give it freedom to diverge from EU regulations. Mr. Johnson’s proposal would allow the UK to sign trade deals with the U.S. and other countries. The Labour Party’s proposal would keep the U.K. within the EU customs territory after Brexit and offer voters the choice of staying in the EU in a second referendum. See public opinion
Should the government abolish the inheritance tax? Learn more?
The inheritance tax is a tax on money and possessions you pass on when you die. A certain amount can be passed on tax-free, which is called the "tax-free allowance" or "nil rate band". The current tax-free allowance is £325,000 which has not changed since 2011 and is fixed at that rate until at least 2017. The inheritance tax is an emotionally charged issue as it comes up during a time of loss and mourning. See public opinion
Should child benefits be restricted to a maximum of two children? Learn more?
Currently, there is no cap on child benefit. £21.80 a week for your first child and £14.45 a week for any children after that. More than 80% of children are in families also eligible for means-tested child tax credit. See public opinion
Should 18-21 year olds take on unpaid community work in order to claim benefits? Learn more?
During the March 26, 2015 debate David Cameron proposed a series of welfare cuts that included preventing young people from going directly on to housing and unemployment benefit directly after school. The plan would require all 18 to 21-year-olds who claim unemployment to do 30 hours of community service per week work experience while searching for a job. Proponents argue that too many young people are receiving government benefits after school. Opponents argue that cutting benefits will punish young people who need time to look for a job right out of school. See public opinion
Do you support a universal basic income program? Learn more?
A Universal Basic Income program is social security program where all citizens of a country receive a regular, unconditional sum of money from the government. The funding for Universal Basic Income comes from taxation and government owned entities including income from endowments, real estate and natural resources. Several countries, including Finland, India and Brazil, have experimented with a UBI system but have not implemented a permanent program. The longest running UBI system in the world is the Alaska Permanent Fund in the U.S. state of Alaska. In the Alaska Permanent Fund each individual and family receives a monthly sum that is funded by dividends from the state’s oil revenues. Proponents of UBI argue that it will reduce or eliminate poverty by providing everyone with a basic income to cover housing and food. Opponents argue that a UBI would be detrimental to economies by encouraging people to either work less or drop out of the workforce entirely. See public opinion
Should bankers’ bonuses be capped at 100% of their pay? Learn more?
n 2014 the EU passed legislation that capped bankers’ bonuses at 100% of their pay or 200% with shareholder approval. Proponents of the cap say that it will reduce incentives for bankers to take excessive risk similar to what led to the 2008 financial crisis. Opponents say that any cap on banker’s pay will push up non-bonus pay and cause bank’s costs to rise. See public opinion
Should welfare recipients be tested for drugs? Learn more?
5 U.S. states have passed laws requiring welfare recipients to be tested for drugs. The UK does not currently test welfare recipients for drugs. Proponents argue that testing will prevent public funds from being used to subsidize drugs habits and help get treatment for those that are addicted to drugs. Opponents argue that it is a waste of money since the tests will cost more money than they save. See public opinion
Do you support a 32-hour work week? Learn more?
In November 2019 shadow chancellor John McDonnell stated that the Labour party would introduce a 32-hour work week policy if they gained the majority in the General Election. Workers in the UK would be classified as working “full-time” if they worked 32 hours. The policy would also apply to government workers including those in the NHS. Opponents of the plan, including the Conservative Party, argue that the plan would increase staff costs at the NHS by £6.1bn a year. See public opinion
Should the government use economic stimulus to aid the country during times of recession? Learn more?
An economic stimulus is a monetary or fiscal policy enacted by governments with the intent of stabilizing their economies during a fiscal crisis. The policies include an increase in government spending on infrastructure, tax cuts and lowering interest rates. After the Brexit vote in 2016 the Bank of England proposed a stimulus package designed to boost the economy and prevent a recession. The package included purchasing corporate debt and low rate commercial bank loans. See public opinion
Should the United Kingdom transition to a four-day workweek? Learn more?
Countries including Ireland, Scotland, Japan, and Sweden are experimenting with a four-day workweek, which requires employers to provide overtime pay to employees working more than 32 hours per week. See public opinion
Do you believe labor unions help or hurt the economy? Learn more?
Union membership in the UK began declining steeply in the 1980s and 1990s, falling from 13 million in 1979 to around 7.3 million in 2000. In September 2012 union membership dropped below 6 million for the first time since the 1940s. Union members include nurses, school meals staff, hospital cleaners, professional footballers, shop assistants, teaching assistants, bus drivers, engineers and apprentices. See public opinion
Should citizens be allowed to save or invest their money in offshore bank accounts? Learn more?
An offshore (or foreign) bank account is a bank account you have outside of your country of residence. The benefits of an offshore bank account include tax reduction, privacy, currency diversification, asset protection from lawsuits, and reducing your political risk. In April 2016, Wikileaks released 11.5 million confidential documents, known as the Panama Papers, which provided detailed information on 214,000 offshore companies serviced by the Panamanian Law Firm, Mossack Fonesca. The document exposed how world leaders and wealthy individuals hide money in secret offshore tax shelters. The release of the documents renewed proposals for laws banning the use of offshore accounts and tax havens. Proponents of the of the ban argue they should be outlawed because they have a long history of being vehicles for tax evasion, money laundering, illicit arms dealing and funding terrorism. Opponents of the ban argue that punitive regulations will make it harder for American companies to compete and will further discourage businesses from locating and investing in the United States. See public opinion
Should the government provide tax incentives to private companies to keep jobs within the country? Learn more?
Any overseas company with a UK branch or office must pay UK Corporation Tax on company profits arising in the UK. On 23 September 2022, the government announced that the increase in the Corporation Tax main rate to 25% and the introduction of a small profits rate of tax from 1 April 2023. The U.S. currently taxes corporations at 21%, France at 26.5% and Germany at 15%. See public opinion
Should tenants receive less benefits if they live in a housing association or council property with more bedrooms than occupants? Learn more?
The Bedroom Tax (also known as Spare Room Subsidy) is a change to Housing Benefit Entitlement that restricts housing benefits for tenants of working age (16-61) living in a housing association or council property that is deemed to have one or more spare bedrooms. Tenants with one spare bedroom lose 14% of entitled housing benefit and those with two or more spare bedrooms lose 25% of entitlement. Possible exemptions exist for tenants receiving a state pension, rent a shared ownership property, have a severely disabled child who requires their own room, have a foster child, or have a child how is on duty in the armed forces. See public opinion
Should the government add or increase tariffs on products imported into the country? Learn more?
Should mortgage lenders be allowed to provide buy-to-let mortgage loans? Learn more?
A buy to let mortgage is a loan arrangement in which a landlord or investor borrows money to purchase property in the private rented sector in order to let out to tenants. The interest rates and fees are slightly higher than those of owner-occupied mortgages. See public opinion
Should the government provide free broadband to all UK homes and businesses? Learn more?
In November 2019 the UK Labour Party promised that if it won a majority in the upcoming general election it would provide free full-fiber broadband to every home and business the UK by the year 2030. Under the plan the government would nationalize the digital arm of BT (Openreach) and provide over 95% of UK residents with broadband. Currently 7% of households in the U.K. have access to full-fiber broadband. The plan would cost an estimated £230m a year and would be funded by a new tax on large technology companies including Apple and Google. Opponents (including the Conservatives, Lib Dems and SNP) argue that the plan is too expensive. Boris Johnson stated that the plan would cost £60bn more over ten years than what Labour is projecting. Proponents argue that privately run broadband companies have left the UK behind other countries and the government should take over. See public opinion
Should pension payments be increased for retired government workers? Learn more?
A government pension is a fund into which a sum of money is added during the period in which a person is employed by the government. When the government employee retires they are able to receive periodic payments from the fund in order to support themselves. As the birth rate continues to fall and the life expectancy rises governments worldwide are predicting funding shortfalls for pensioners. Men over the age of 65 and women over 60 are eligible for government pensions. By 2046 the retirement age for both men and women will rise to 68. See public opinion
Should the government acquire equity stakes in companies it bails out during a recession? Learn more?
A state-owned enterprise is a business enterprise where the government or state has significant control through full, majority, or significant minority ownership. During the 2020 Coronavirus outbreak Larry Kudlow, the White House’s top economic advisor, said the Trump administration would consider asking for an equity stake in corporations that needed taxpayer aid. “One of the ideas is, if we provide assistance, we might take an equity position,” Kudlow said Wednesday at the White House, adding that the 2008 bailout of [the automaker General Motors] had been a good deal for the federal government. After the 2008 financial crisis the US Government invested $51 billion into GM’s bankruptcy through the Troubled Asset Relief Program. In 2013 the Government sold its stake in GM for $39 billion. The Center for Automotive Research found that the bailout saved 1.2 million jobs and preserved 34.9 billion in tax revenue. Proponents argue that US taxpayers deserve a return on their investments if private companies need capital. Opponents argue that governments should never own shares of private companies. See public opinion
Should the government abolish the non-domicile rule which allows residents to limit the tax paid on earnings outside the UK? Learn more?
The non-domicile rule was established by William Pitt the Younger in the late 18th century and allowed many of Britain’s richest permanent residents to avoid paying tax in the UK on their worldwide income. Non-domiciles pay UK income tax and capital gains tax on their UK sources of income and gains, and whatever income generated overseas they choose to remit to the UK. By contrast, UK domiciles have to pay tax on all of their income and gains, wherever in the world they are made – Britain or overseas. Proponents of overturning the rule argue that it has been wide open to abuse and offends the moral basis of taxation. Opponents argue that ending the rule will discourage foreign investment and that some non-doms pay as much as £132,000 per year in taxes. See public opinion
Do you support the Transatlantic Trade and Investment Partnership (TTIP)? Learn more?
The Transatlantic Trade and Investment Partnership (TTIP) is a proposed trade agreement between the European Union and the United States, with the aim of promoting trade and multilateral economic growth. The agreement is opposed by unions, charities, NGOs, and environmentalists in Europe who criticise the agreement for reducing regulations on food safety and environmental legislation. See public opinion
Should the government ban surcharges tacked onto concert tickets, cable bills, banking services, hotel bookings and other purchases? Learn more?
Junk fees are hidden and unexpected charges that are often not included in the initial or listed price of a transaction but are added on at the time of the payment. Airlines, hotels, concert ticket providers and banks often add them onto the cost of a service or good after the consumer has seen the original price. Proponents of the rule argue that getting rid of these fees will make prices more transparent for consumers and save them money. Opponents argue that private businesses would simply raise prices in response to the regulations and there isn’t a guarantee that flying or staying in a hotel would be any less expensive. See public opinion
Should the government tax stock buybacks? Learn more?
Stock buybacks are the re-acquisition by a company of its own shares. It represents an alternate and more flexible way (relative to dividends) of returning money to shareholders. When used in coordination with increased corporate leverage, buybacks can increase share price. In most countries, a corporation can repurchase its own stock by distributing cash to existing shareholders in exchange for a fraction of the company's outstanding equity; that is, cash is exchanged for a reduction in the number of shares outstanding. The company either retires the repurchased shares or keeps them as treasury stock, available for re-issuance. Proponents of the tax argue that buybacks substitute for productive investments, thereby harming the economy and its growth prospects. Opponents argue that a 2016 Harvard Business Review study showed that research and development and capital expenditures soared over the same period when shareholder payouts and stock buybacks were rising sharply. See public opinion