okay thank you very much
how<00:00:02.080> well<00:00:02.240> we<00:00:02.399> refer<00:00:02.720> to<00:00:02.800> it<00:00:02.960> attacks<00:00:03.280> the<00:00:03.360> rich
is a slogan that's occasionally heard
from<00:00:05.120> politicians<00:00:05.680> but<00:00:05.839> it's<00:00:05.920> not<00:00:06.080> an<00:00:06.160> idea
from politicians but it's not an idea
that<00:00:06.560> normally<00:00:06.960> finds<00:00:07.200> much<00:00:07.440> favor<00:00:07.839> with<00:00:08.080> big
earners former city trader gary
stevenson<00:00:10.800> though<00:00:11.040> is<00:00:11.120> one<00:00:11.280> of<00:00:11.360> a<00:00:11.440> group<00:00:11.679> of
millionaires campaigning for just that
he's<00:00:14.320> calling<00:00:14.559> for<00:00:14.639> a<00:00:14.719> wealth<00:00:15.040> tax<00:00:15.440> and<00:00:15.519> it's<00:00:15.679> a
he's calling for a wealth tax and it's a
message<00:00:16.000> he<00:00:16.240> took<00:00:16.480> to<00:00:16.640> a<00:00:16.720> food<00:00:16.960> bank<00:00:17.520> in
constituency in north yorkshire last
week<00:00:21.439> he<00:00:21.600> is<00:00:21.680> his<00:00:22.000> personal<00:00:22.480> view<00:00:22.880> on<00:00:23.039> what
week he is his personal view on what
ministers<00:00:23.600> should<00:00:23.760> be<00:00:23.920> doing<00:00:24.640> i<00:00:24.800> come<00:00:24.960> from
ilford east london um
from<00:00:27.199> to<00:00:27.359> be<00:00:27.519> honest<00:00:27.840> a<00:00:28.160> pretty<00:00:28.640> poor<00:00:28.880> family
terrace house next to the railway i
shared<00:00:33.040> the<00:00:33.120> bunk<00:00:33.280> bed<00:00:33.520> with<00:00:33.600> my<00:00:33.760> brother<00:00:34.239> um
shared the bunk bed with my brother um
yeah<00:00:34.960> we<00:00:35.120> were<00:00:35.360> pretty<00:00:35.680> poor<00:00:35.920> growing<00:00:36.239> up<00:00:36.399> um<00:00:36.719> i
yeah we were pretty poor growing up um i
know<00:00:36.960> what<00:00:37.120> it's<00:00:37.200> like<00:00:37.360> to<00:00:37.440> be<00:00:37.600> poor
know what it's like to be poor
i<00:00:38.480> was<00:00:38.640> always<00:00:38.879> good<00:00:39.040> at<00:00:39.120> maths<00:00:39.360> and<00:00:39.440> economics
so studied hard worked hard
kids<00:00:42.719> studied<00:00:42.960> hard<00:00:43.200> in<00:00:43.280> school<00:00:43.600> i<00:00:43.760> was<00:00:44.000> able
kids studied hard in school i was able
to<00:00:44.239> get<00:00:44.399> a<00:00:44.480> good<00:00:44.640> job<00:00:45.120> as<00:00:45.280> a<00:00:45.360> trader<00:00:45.680> in<00:00:45.760> the
to get a good job as a trader in the
city<00:00:46.239> scarborough<00:00:46.719> going<00:00:47.120> in<00:00:47.200> here<00:00:47.360> yeah<00:00:47.600> it's
city scarborough going in here yeah it's
been<00:00:47.840> a<00:00:47.920> few<00:00:48.079> years<00:00:48.320> i<00:00:48.399> was<00:00:48.559> city<00:00:48.800> bank's<00:00:49.200> most
but i did that by basically betting that
the<00:00:54.559> global<00:00:54.879> economy<00:00:55.280> would<00:00:55.440> be<00:00:55.680> very<00:00:55.920> weak
yeah i mean it's kind of a crazy story i
went<00:01:00.960> from<00:01:01.120> being<00:01:01.280> very<00:01:01.520> poor<00:01:01.760> to<00:01:02.000> being<00:01:02.160> very
rich by betting that inequality would
grow<00:01:05.119> and<00:01:05.199> that<00:01:05.280> would<00:01:05.439> keep<00:01:05.600> the<00:01:05.680> economy
grow and that would keep the economy
weak<00:01:06.400> reason<00:01:06.720> why<00:01:07.040> if<00:01:07.200> the<00:01:07.280> wealth<00:01:07.600> is<00:01:07.760> being
weak reason why if the wealth is being
held<00:01:08.240> by<00:01:08.400> a<00:01:08.479> small<00:01:08.720> minority<00:01:09.360> rather<00:01:09.600> than<00:01:09.760> the
held by a small minority rather than the
big<00:01:10.000> group<00:01:10.320> that<00:01:10.479> is<00:01:10.640> bad<00:01:10.880> for<00:01:10.960> the<00:01:11.040> economy
big group that is bad for the economy
very<00:01:12.080> very<00:01:12.320> simply<00:01:12.799> is<00:01:12.960> because<00:01:13.520> rich<00:01:13.760> people
very very simply is because rich people
save<00:01:14.479> the<00:01:14.560> vast<00:01:14.799> majority<00:01:15.040> of<00:01:15.119> their<00:01:15.280> income
and ordinary people spend the vast
majority<00:01:17.200> of<00:01:17.280> their<00:01:17.360> income<00:01:17.759> the<00:01:17.920> idea<00:01:18.240> which
majority of their income the idea which
is<00:01:18.640> most<00:01:18.880> likely<00:01:19.119> to<00:01:19.200> do<00:01:19.360> something<00:01:19.680> at<00:01:19.759> the
is most likely to do something at the
moment<00:01:20.240> is<00:01:20.320> the<00:01:20.400> wealth<00:01:20.640> tax<00:01:21.040> because<00:01:21.200> this<00:01:21.360> is
moment is the wealth tax because this is
an<00:01:21.600> idea<00:01:21.920> instead<00:01:22.159> of<00:01:22.240> taxing<00:01:22.640> workers<00:01:23.200> you
just attack super wealthy families at
the<00:01:25.040> moment<00:01:25.360> these<00:01:25.520> guys<00:01:25.840> often<00:01:26.159> pay<00:01:26.640> you<00:01:26.720> know
less than 10
tax<00:01:28.640> on<00:01:28.720> their<00:01:28.880> income<00:01:29.600> and<00:01:30.000> nothing<00:01:30.320> on<00:01:30.400> their
tax on their income and nothing on their
wealth<00:01:30.880> which<00:01:31.119> is<00:01:31.200> you<00:01:31.280> know<00:01:31.439> less<00:01:31.680> than<00:01:32.000> i
wealth which is you know less than i
paid<00:01:32.560> you<00:01:32.640> know<00:01:32.799> less<00:01:33.040> than<00:01:33.200> most<00:01:33.439> of<00:01:33.759> you
billionaires and millionaires who have
made<00:01:42.799> a<00:01:42.960> huge<00:01:43.200> amount<00:01:43.439> of<00:01:43.520> money<00:01:43.680> during<00:01:43.920> kobe
insurance which attacks on your wage
which<00:01:49.360> does<00:01:49.600> not<00:01:49.680> affect<00:01:49.920> the<00:01:50.000> income<00:01:50.240> of
call me up i'm sure you're a great guy
we<00:01:57.119> can<00:01:57.200> have<00:01:57.360> a<00:01:57.439> tea<00:01:57.840> you<00:01:57.920> know<00:01:58.159> i'm<00:01:58.320> up<00:01:58.479> in
something labour should be adopting can
you<00:02:08.160> make<00:02:08.319> it<00:02:08.479> work<00:02:08.800> or<00:02:09.119> can<00:02:09.440> rich<00:02:09.679> people<00:02:10.000> hide
you make it work or can rich people hide
their<00:02:10.399> wealth<00:02:11.200> well<00:02:11.360> that's<00:02:11.599> the<00:02:11.680> whole<00:02:12.000> point
their wealth well that's the whole point
of<00:02:12.319> a<00:02:12.400> wealth<00:02:12.720> tax<00:02:13.120> is<00:02:13.280> it<00:02:13.440> is<00:02:13.520> actually<00:02:13.920> very
of a wealth tax is it is actually very
hard<00:02:14.560> to<00:02:14.720> hide<00:02:15.040> your<00:02:15.120> wealth<00:02:15.840> because<00:02:16.239> when
something productive end up paying very
high<00:02:22.000> rates<00:02:22.239> of<00:02:22.400> tax<00:02:22.720> by<00:02:22.879> the<00:02:22.959> time<00:02:23.120> you<00:02:23.200> are<00:02:23.360> in
high rates of tax by the time you are in
national<00:02:23.680> insurance<00:02:24.640> and<00:02:24.879> yet<00:02:25.200> if<00:02:25.280> you<00:02:25.840> are
sometimes from just stock prices rising
and<00:02:35.040> things<00:02:35.200> like<00:02:35.360> that<00:02:35.519> so<00:02:35.599> should<00:02:35.920> should
and things like that so should should
the<00:02:36.160> labor<00:02:36.480> be<00:02:36.560> prepared<00:02:36.879> for<00:02:36.959> adoption<00:02:37.519> yeah
the labor be prepared for adoption yeah
would<00:02:37.680> you<00:02:37.760> like<00:02:37.920> to<00:02:37.920> talk<00:02:38.080> about<00:02:38.080> yourself
would you like to talk about yourself
i'd<00:02:38.560> love<00:02:38.720> to<00:02:38.800> see<00:02:39.440> one<00:02:39.599> percent<00:02:39.920> one<00:02:40.080> percent
that you pay a penny
uh<00:02:48.319> it<00:02:48.319> means<00:02:48.560> if<00:02:48.640> you've<00:02:48.720> got<00:02:48.879> four<00:02:49.040> million
uh it means if you've got four million
quids<00:02:49.680> worth<00:02:50.000> you<00:02:50.160> know<00:02:50.400> your<00:02:50.640> house<00:02:50.959> the<00:02:51.440> spur
quids worth you know your house the spur
picasso<00:02:52.160> and<00:02:52.239> the<00:02:52.319> downstairs<00:02:52.959> loot<00:02:53.680> then<00:02:53.920> um
picasso and the downstairs loot then um
you're<00:02:54.480> paying<00:02:54.720> six<00:02:54.959> thousand<00:02:55.200> pound<00:02:55.360> a<00:02:55.440> year
you're paying six thousand pound a year
i<00:02:55.680> rang<00:02:55.840> if<00:02:55.920> you've<00:02:56.000> got<00:02:56.160> four<00:02:56.319> million<00:02:56.640> quids
i rang if you've got four million quids
worth<00:02:57.040> of<00:02:57.200> assets<00:02:57.519> you<00:02:57.599> can<00:02:57.680> afford<00:02:58.000> six<00:02:58.239> grand
worth of assets you can afford six grand
a<00:02:58.560> year<00:02:59.120> uh<00:02:59.280> dana<00:02:59.519> davison<00:02:59.840> we<00:03:00.000> talked<00:03:00.080> about
a year uh dana davison we talked about
how<00:03:00.400> to<00:03:00.560> raise<00:03:00.720> money<00:03:00.959> is<00:03:01.120> this<00:03:01.200> the<00:03:01.280> perfect
how to raise money is this the perfect
way<00:03:02.239> um<00:03:02.959> i'd<00:03:03.040> be<00:03:03.200> dubious<00:03:03.599> without<00:03:03.840> seeing
way um i'd be dubious without seeing
more<00:03:04.239> detail<00:03:04.640> and<00:03:04.720> i<00:03:04.800> think<00:03:04.879> the<00:03:05.040> problem<00:03:05.280> is
more detail and i think the problem is
often<00:03:05.680> when<00:03:05.840> world<00:03:06.000> taxes<00:03:06.319> are<00:03:06.400> talked<00:03:06.640> about
ways without getting into the
nitty-gritty<00:03:09.920> and<00:03:10.159> i<00:03:10.319> know<00:03:10.400> the<00:03:10.480> wealth<00:03:10.720> tax
nitty-gritty and i know the wealth tax
commission<00:03:11.280> did<00:03:11.440> a<00:03:11.519> report<00:03:11.760> in<00:03:11.840> this<00:03:12.000> in
commission did a report in this in
december<00:03:12.480> 2020<00:03:12.959> and<00:03:13.040> they<00:03:13.200> said<00:03:13.360> one<00:03:13.440> of<00:03:13.519> the
december 2020 and they said one of the
most<00:03:13.760> difficult<00:03:14.159> things<00:03:14.879> is<00:03:15.120> whether<00:03:15.360> it'd<00:03:15.519> be
most difficult things is whether it'd be
an<00:03:15.760> annual<00:03:16.319> on<00:03:16.480> an<00:03:16.640> annual<00:03:16.879> basis<00:03:17.360> or<00:03:17.519> a
one-off one-off much easier but still
the<00:03:20.159> kind<00:03:20.319> of<00:03:20.800> the<00:03:20.959> difficulties<00:03:21.599> in<00:03:21.760> actually
working out people's wealth and getting
an<00:03:24.000> agreement<00:03:24.319> between<00:03:24.560> the<00:03:24.640> tax<00:03:24.879> man<00:03:25.120> and<00:03:25.200> the
an agreement between the tax man and the
individual<00:03:26.080> can<00:03:26.239> be<00:03:26.400> really<00:03:26.640> tough<00:03:26.879> we<00:03:26.959> saw<00:03:27.120> it
with michael jackson's estate it took
eight<00:03:28.799> years<00:03:29.120> to<00:03:29.200> figure<00:03:29.519> out<00:03:29.599> what<00:03:30.159> it<00:03:30.239> was
eight years to figure out what it was
one<00:03:32.799> off<00:03:33.040> idea<00:03:33.280> of<00:03:33.360> having<00:03:33.519> a<00:03:33.599> wealth<00:03:33.920> tax<00:03:34.560> was
one off idea of having a wealth tax was
it<00:03:34.879> was<00:03:34.959> the<00:03:35.040> equivalent<00:03:35.360> of<00:03:35.440> putting<00:03:35.760> 9p<00:03:36.319> on
it was the equivalent of putting 9p on
the<00:03:36.480> basic<00:03:36.799> rate<00:03:37.040> of<00:03:37.120> income<00:03:37.360> tax<00:03:37.599> so<00:03:38.080> the
difference that would make
it<00:03:40.159> could<00:03:40.319> do<00:03:40.560> but<00:03:40.720> as<00:03:40.879> i<00:03:40.959> say<00:03:41.120> we<00:03:41.200> need<00:03:41.280> to<00:03:41.360> see
it could do but as i say we need to see
more<00:03:41.680> proposals<00:03:42.080> but<00:03:42.239> my<00:03:42.480> view<00:03:42.720> is<00:03:42.879> we<00:03:43.040> keep
more proposals but my view is we keep
taxes<00:03:43.599> down<00:03:43.840> keep<00:03:44.080> taxes<00:03:44.480> down<00:03:44.799> you<00:03:44.879> know
you're worried about i wish it was if
there's<00:03:48.879> any<00:03:49.040> donors<00:03:49.360> watching<00:03:49.680> send<00:03:49.840> me<00:03:49.920> a
decision to remove the increase in
universal<00:03:57.040> credit<00:03:57.360> and<00:03:57.439> that's<00:03:57.599> one<00:03:57.760> of<00:03:57.840> the
problems which charities have identified
as<00:03:59.920> hitting<00:04:00.400> some<00:04:00.560> of<00:04:00.640> the<00:04:00.799> poorest<00:04:01.360> in<00:04:01.439> the
as hitting some of the poorest in the
region<00:04:02.000> we<00:04:02.159> discussed<00:04:02.560> it<00:04:02.640> here<00:04:02.799> of<00:04:02.879> course