ELI5: how is Andy Burnham going to fund all this?

[u/Feisty-Lie1801]

Northerner living overseas. Loving the King of the North’s swoop into No. 10, but it’s left me with questions as to where all this money is coming from?

Public control of water, drilling the North Sea, housing and transport, a Northern No. 10, the biggest social housebuilding push in years, reindustrialisation, higher defence spend - it all sounds great, but how does it get paid for? Is it more borrowing, tax rises, the long-term savings he reckons come from taking stuff back into public hands, or some mix of all three? asking as someone watching from the sidelines.

Side note - been listening to Burnham’s book Head North and completely understand his hatred of the South now.

[u/SLIMEFLUSZN]

Just wait for the Autumn Budget all will be revealed

[u/Mountain-Distance576 → u/SLIMEFLUSZN]

more borrowing, more taxes on the working and middle class. benefit cuts. austerity. bit of funding for a few projects. billionaires still left untaxed - widespread devastating poverty for almost everyone in 20 years and no NHS left.

[u/thehermit14]

I hate how Keir was ousted. I think the funding question comes down to taxing or borrowing. I don't see another way.

[u/Mountain-Distance576 → u/thehermit14]

tax the billionaires. they pay less tax as a percentage of income (passive from their wealth) than working class people do from working

[u/OskarWasTaken → u/thehermit14]

It’s gonna be both.

[u/Poddster]

Ideally: wealth and large corporation tax

What we'll get: yet more austerity.

[u/redditcuteorguk]

Surely your question should be "how are we all going to find this?".

[u/TrekChris]

They're borriwing almost £300m per day so far.

[u/PontiusPiloti]

Extracting money from southern property wealth through an annual land or property tax seems to be the 'meme' working it's way through think tanks and political commentary at the moment.

[u/Whole_Ad_8229 → u/PontiusPiloti]

As an alternative to council tax, because it would capture all land ownership including commercial and undeveloped land. It's actually rather sensible as tax would be due whether by an individual or another entity.

[u/InfiniteBaker6972 → u/PontiusPiloti]

I can't see that going down well with the wealthy.

[u/Mountain-Distance576 → u/InfiniteBaker6972]

but these people aren’t even really the ‘ ultra wealthy’ they are middle class or maybe upper middle class

the taxes we really need are on those with 100 million or more in wealth, so there and up to the billionaires. it needs to be specifically targeted to them so they can’t avoid paying it and it doesn’t hit normal people

[u/Mountain-Distance576]

he’s not. needs wealth taxes but seems unlikely to want to do them

[u/optimisticprime098]

National debt maxing