to<00:00:00.240> 8<00:00:00.480> 27<00:00:00.960> now<00:00:01.199> millionaires<00:00:01.680> have<00:00:01.839> a<00:00:01.920> critical

to 8 27 now millionaires have a critical

to 8 27 now millionaires have a critical role<00:00:02.560> to<00:00:02.639> play<00:00:02.879> in<00:00:03.120> healing<00:00:03.600> our<00:00:03.919> world<00:00:04.319> who

role to play in healing our world who

role to play in healing our world who said<00:00:04.720> so<00:00:04.960> well<00:00:05.200> a<00:00:05.279> group<00:00:05.520> of<00:00:05.600> millionaires

said so well a group of millionaires

said so well a group of millionaires you've<00:00:06.240> written<00:00:06.480> a<00:00:06.560> letter

you've written a letter

you've written a letter calling<00:00:07.520> on<00:00:07.600> politicians<00:00:08.240> to<00:00:08.400> acknowledge

calling on politicians to acknowledge

calling on politicians to acknowledge that<00:00:09.040> tax<00:00:09.440> increases<00:00:10.000> on<00:00:10.080> the<00:00:10.240> wealthy

that tax increases on the wealthy

that tax increases on the wealthy are<00:00:11.120> in<00:00:11.200> their<00:00:11.360> words<00:00:11.759> essential<00:00:12.559> one<00:00:12.719> of

are in their words essential one of

are in their words essential one of those<00:00:13.040> who<00:00:13.280> signed<00:00:13.759> is<00:00:13.920> gary<00:00:14.240> stevenson

those who signed is gary stevenson

those who signed is gary stevenson a<00:00:15.280> former<00:00:15.679> interest<00:00:16.080> rate<00:00:16.320> trader<00:00:16.640> and<00:00:16.800> he

a former interest rate trader and he

a former interest rate trader and he joins<00:00:17.119> us<00:00:17.199> on<00:00:17.279> the<00:00:17.440> line<00:00:17.680> morning<00:00:18.000> to<00:00:18.160> you

joins us on the line morning to you

joins us on the line morning to you good<00:00:19.279> morning<00:00:19.600> nick<00:00:20.560> it's<00:00:20.720> an<00:00:20.880> unusual

good morning nick it's an unusual

good morning nick it's an unusual message<00:00:21.680> this<00:00:22.000> i'm<00:00:22.240> rich

message this i'm rich

message this i'm rich tax<00:00:22.960> me<00:00:24.400> yes<00:00:24.720> it<00:00:24.960> is<00:00:25.119> an<00:00:25.199> unusual<00:00:25.599> message<00:00:25.840> but

tax me yes it is an unusual message but

tax me yes it is an unusual message but i<00:00:26.080> guess<00:00:26.160> this<00:00:26.320> is<00:00:26.480> a<00:00:26.560> pretty

i guess this is a pretty

i guess this is a pretty unusual<00:00:27.519> time<00:00:28.080> and<00:00:28.320> uh<00:00:28.640> i<00:00:28.800> think<00:00:28.960> it's<00:00:29.039> going

unusual time and uh i think it's going

unusual time and uh i think it's going to<00:00:29.199> be<00:00:29.359> very<00:00:29.519> important

to be very important

to be very important how<00:00:31.039> would<00:00:31.199> you<00:00:31.279> want<00:00:31.599> governments<00:00:32.160> to<00:00:32.320> tackle

how would you want governments to tackle

how would you want governments to tackle the<00:00:32.800> wealthy

the wealthy

the wealthy well<00:00:34.399> for<00:00:34.559> me<00:00:34.800> i<00:00:34.880> think<00:00:35.280> one<00:00:35.440> of<00:00:35.520> the<00:00:35.840> most

well for me i think one of the most

well for me i think one of the most important<00:00:36.480> things<00:00:36.800> when<00:00:36.960> we<00:00:37.120> deal<00:00:37.280> with

important things when we deal with

important things when we deal with tackling<00:00:37.840> the<00:00:37.920> wealthy

tackling the wealthy

tackling the wealthy is<00:00:38.879> that<00:00:39.040> we<00:00:39.360> develop<00:00:39.680> a<00:00:39.760> tax<00:00:39.920> system<00:00:40.239> that<00:00:40.399> is

is that we develop a tax system that is

is that we develop a tax system that is able<00:00:40.800> to<00:00:40.960> tax<00:00:41.520> wealth<00:00:41.920> and<00:00:42.079> not<00:00:42.239> just<00:00:42.480> income

able to tax wealth and not just income

able to tax wealth and not just income so<00:00:43.520> we<00:00:43.680> currently<00:00:44.000> have<00:00:44.079> a<00:00:44.160> tax<00:00:44.320> system<00:00:44.640> which

so we currently have a tax system which

so we currently have a tax system which is<00:00:45.039> relatively<00:00:45.520> good<00:00:45.760> at<00:00:45.920> taxing<00:00:46.320> people<00:00:46.559> who

is relatively good at taxing people who

is relatively good at taxing people who work<00:00:47.760> for<00:00:47.920> their<00:00:48.079> money<00:00:48.480> and<00:00:48.640> earn<00:00:48.879> a<00:00:48.879> lot<00:00:49.039> of

work for their money and earn a lot of

work for their money and earn a lot of money<00:00:49.360> such<00:00:49.680> as

money such as

money such as footballers<00:00:51.120> and<00:00:51.440> sometimes<00:00:51.840> bankers<00:00:52.239> if

footballers and sometimes bankers if

footballers and sometimes bankers if they're<00:00:52.399> not<00:00:52.559> trying<00:00:52.719> to<00:00:52.800> dodge<00:00:53.039> it

they're not trying to dodge it

they're not trying to dodge it but<00:00:54.079> people<00:00:54.399> who<00:00:55.360> have<00:00:55.520> very<00:00:55.760> large<00:00:56.000> amounts

but people who have very large amounts

but people who have very large amounts of<00:00:56.320> money<00:00:56.559> and

of money and

of money and accumulate<00:00:57.440> their<00:00:57.600> income<00:00:57.920> through<00:00:58.640> things

accumulate their income through things

accumulate their income through things like<00:00:58.960> capital<00:00:59.359> gains<00:00:59.680> or<00:00:59.920> trusts

like capital gains or trusts

like capital gains or trusts uh<00:01:00.719> we're<00:01:00.879> very<00:01:01.039> bad<00:01:01.280> at<00:01:01.359> taxing<00:01:01.680> them<00:01:02.399> that

uh we're very bad at taxing them that

uh we're very bad at taxing them that means<00:01:02.719> we<00:01:02.879> end<00:01:02.960> up<00:01:03.120> with<00:01:03.199> a<00:01:03.280> system

means we end up with a system

means we end up with a system where<00:01:05.199> people<00:01:05.439> who<00:01:05.600> work<00:01:05.760> and<00:01:05.920> people<00:01:06.080> who

where people who work and people who

where people who work and people who earn<00:01:06.320> money<00:01:06.720> uh

earn money uh

earn money uh make<00:01:07.760> a<00:01:08.320> have<00:01:08.479> to<00:01:08.560> pay<00:01:08.720> a<00:01:08.799> lot<00:01:08.880> of<00:01:08.960> tax<00:01:09.360> whereas

make a have to pay a lot of tax whereas

make a have to pay a lot of tax whereas uh<00:01:10.080> the<00:01:10.240> very<00:01:10.479> richest<00:01:10.799> in<00:01:10.880> our<00:01:10.960> society<00:01:11.360> often

uh the very richest in our society often

uh the very richest in our society often end<00:01:11.760> up<00:01:11.920> paying

end up paying

end up paying nothing<00:01:13.040> all<00:01:13.280> next<00:01:13.520> to<00:01:13.600> nothing<00:01:14.720> so<00:01:14.880> is<00:01:14.960> this<00:01:15.200> a

nothing all next to nothing so is this a

nothing all next to nothing so is this a question<00:01:15.520> of<00:01:15.680> a<00:01:15.840> wealth<00:01:16.240> tax<00:01:16.720> as<00:01:16.960> against

question of a wealth tax as against

question of a wealth tax as against just<00:01:18.080> higher<00:01:18.320> rates<00:01:18.560> of<00:01:18.720> income<00:01:19.119> tax<00:01:19.840> or<00:01:20.080> is<00:01:20.159> it

just higher rates of income tax or is it

just higher rates of income tax or is it about<00:01:20.560> finding<00:01:20.880> a<00:01:20.960> way<00:01:21.280> to<00:01:21.520> stop

about finding a way to stop

about finding a way to stop money<00:01:22.640> being<00:01:22.960> moved<00:01:23.360> from<00:01:23.600> one<00:01:23.920> country<00:01:24.320> to

money being moved from one country to

money being moved from one country to another<00:01:24.880> and

another and

another and always<00:01:25.759> avoiding<00:01:26.720> the<00:01:26.960> tax<00:01:27.280> authorities<00:01:27.759> of

always avoiding the tax authorities of

always avoiding the tax authorities of that<00:01:28.000> particular<00:01:28.479> country

that particular country

that particular country to<00:01:30.079> be<00:01:30.240> honest<00:01:30.479> i<00:01:30.560> think<00:01:30.640> those<00:01:30.880> two<00:01:31.119> questions

to be honest i think those two questions

to be honest i think those two questions have<00:01:31.840> to<00:01:31.920> be<00:01:32.079> considered<00:01:32.479> hand<00:01:32.720> in<00:01:32.799> hand

have to be considered hand in hand

have to be considered hand in hand because<00:01:34.000> there's<00:01:34.240> no<00:01:34.479> point<00:01:34.720> bringing<00:01:35.040> in<00:01:35.119> a

because there's no point bringing in a

because there's no point bringing in a wealth<00:01:35.439> tax<00:01:35.920> which<00:01:36.320> has

wealth tax which has

wealth tax which has loopholes<00:01:37.119> in<00:01:37.280> it<00:01:37.680> because<00:01:38.320> if<00:01:38.479> you<00:01:38.560> put

loopholes in it because if you put

loopholes in it because if you put loopholes<00:01:39.119> in<00:01:39.200> your<00:01:39.280> tax<00:01:39.520> system

loopholes in your tax system

loopholes in your tax system then<00:01:40.400> the<00:01:40.560> people<00:01:40.720> who<00:01:40.880> will<00:01:40.960> exploit<00:01:41.280> those

then the people who will exploit those

then the people who will exploit those loopholes<00:01:41.920> will<00:01:42.079> be<00:01:42.159> the<00:01:42.240> people<00:01:42.479> with<00:01:42.640> the

loopholes will be the people with the

loopholes will be the people with the best<00:01:42.960> tax<00:01:43.200> accountants

best tax accountants

best tax accountants and<00:01:44.159> those<00:01:44.479> are<00:01:44.640> generally<00:01:45.040> the<00:01:45.200> very<00:01:45.360> richest

and those are generally the very richest

and those are generally the very richest and<00:01:46.399> you<00:01:46.479> know<00:01:46.640> our<00:01:46.799> taxes

and you know our taxes

and you know our taxes is<00:01:47.680> littered<00:01:47.920> with<00:01:48.079> loopholes<00:01:48.560> i<00:01:48.640> remember

is littered with loopholes i remember

is littered with loopholes i remember when<00:01:48.960> they<00:01:49.119> brought<00:01:49.360> in<00:01:49.439> the<00:01:50.320> second<00:01:50.560> home

when they brought in the second home

when they brought in the second home stamp<00:01:51.119> duty<00:01:51.520> an<00:01:51.600> extra<00:01:51.840> three<00:01:52.000> percent<00:01:52.399> for

stamp duty an extra three percent for

stamp duty an extra three percent for second<00:01:52.880> home<00:01:53.119> buyers

second home buyers

second home buyers perfectly<00:01:54.000> reasonable<00:01:54.399> tax<00:01:55.040> there<00:01:55.200> was<00:01:55.439> an

perfectly reasonable tax there was an

perfectly reasonable tax there was an exemption<00:01:56.159> for<00:01:56.320> people<00:01:56.560> who<00:01:56.640> bought<00:01:56.880> seven<00:01:57.200> or

exemption for people who bought seven or

exemption for people who bought seven or more<00:01:57.439> at<00:01:57.520> once

more at once

more at once i<00:01:58.479> mean<00:01:59.200> that<00:01:59.360> tells<00:01:59.600> you<00:01:59.680> the<00:01:59.759> tax<00:01:59.920> system<00:02:00.159> we

i mean that tells you the tax system we

i mean that tells you the tax system we have<00:02:00.399> now<00:02:00.560> and<00:02:00.640> the<00:02:00.799> people<00:02:00.960> who<00:02:01.040> pay<00:02:01.280> the

have now and the people who pay the

have now and the people who pay the people<00:02:01.600> who<00:02:01.680> don't

people who don't

people who don't now<00:02:03.119> many<00:02:03.280> of<00:02:03.360> the<00:02:03.439> names<00:02:03.680> you<00:02:03.840> saw<00:02:04.000> in<00:02:04.079> this

now many of the names you saw in this

now many of the names you saw in this letter<00:02:04.479> are<00:02:04.640> relatively<00:02:05.520> well<00:02:05.759> known<00:02:06.079> richard

letter are relatively well known richard

letter are relatively well known richard curtis<00:02:06.880> for<00:02:07.040> example<00:02:07.920> the

curtis for example the

curtis for example the film<00:02:08.560> director<00:02:09.119> christina<00:02:09.599> johansen<00:02:10.399> the

film director christina johansen the

film director christina johansen the philanthropist

philanthropist

philanthropist you're<00:02:12.000> not<00:02:12.160> so<00:02:12.319> well<00:02:12.640> known<00:02:13.200> but<00:02:13.520> clearly

you're not so well known but clearly

you're not so well known but clearly made<00:02:14.080> a<00:02:14.160> lot<00:02:14.319> of<00:02:14.480> money<00:02:14.800> very<00:02:15.120> young

made a lot of money very young

made a lot of money very young trading<00:02:16.480> in<00:02:16.640> the<00:02:16.800> city<00:02:17.280> and<00:02:17.520> having<00:02:17.840> read<00:02:18.080> some

trading in the city and having read some

trading in the city and having read some of<00:02:18.400> what<00:02:18.560> you've<00:02:18.720> written

of what you've written

of what you've written it<00:02:19.760> feels<00:02:20.160> as<00:02:20.319> if<00:02:20.560> when<00:02:20.800> you<00:02:21.040> watched<00:02:21.440> the

it feels as if when you watched the

it feels as if when you watched the traders<00:02:22.160> around<00:02:22.560> you

traders around you

traders around you you<00:02:23.440> were<00:02:23.680> rather<00:02:24.000> revolted<00:02:24.959> at<00:02:25.120> the<00:02:25.280> business

you were rather revolted at the business

you were rather revolted at the business that<00:02:25.920> have<00:02:26.080> made<00:02:26.319> you<00:02:26.560> so<00:02:26.800> rich

that have made you so rich

that have made you so rich well<00:02:29.120> um<00:02:29.520> some<00:02:29.680> of<00:02:29.840> them<00:02:29.920> might<00:02:30.080> be<00:02:30.239> listing<00:02:30.560> it

well um some of them might be listing it

well um some of them might be listing it so<00:02:30.959> probably<00:02:31.200> be<00:02:31.280> careful<00:02:31.519> what<00:02:31.599> i<00:02:31.680> say

so probably be careful what i say

so probably be careful what i say the<00:02:32.160> truth<00:02:32.400> is<00:02:32.640> um<00:02:32.959> i<00:02:33.040> had<00:02:33.200> a<00:02:33.280> lot<00:02:33.440> of

the truth is um i had a lot of

the truth is um i had a lot of disagreements<00:02:34.640> culturally<00:02:35.040> with

disagreements culturally with

disagreements culturally with some<00:02:35.599> people<00:02:35.840> when<00:02:36.000> i<00:02:36.080> worked<00:02:36.319> in<00:02:36.400> the<00:02:36.480> city<00:02:37.280> um

some people when i worked in the city um

some people when i worked in the city um there<00:02:38.640> are<00:02:38.720> some<00:02:38.959> elements<00:02:39.360> of<00:02:39.519> that<00:02:39.760> industry

there are some elements of that industry

there are some elements of that industry which<00:02:40.239> can<00:02:40.400> be<00:02:40.560> a<00:02:40.560> little<00:02:40.720> bit<00:02:40.879> unseemly<00:02:41.280> at

which can be a little bit unseemly at

which can be a little bit unseemly at times<00:02:41.599> but<00:02:41.680> definitely

times but definitely

times but definitely some<00:02:42.959> people<00:02:43.200> who<00:02:43.360> are<00:02:43.519> won't<00:02:43.760> name<00:02:44.000> names<00:02:44.480> um

some people who are won't name names um

some people who are won't name names um but<00:02:45.280> actually

but actually

but actually you<00:02:46.239> know<00:02:46.319> i<00:02:46.400> learned<00:02:46.560> a<00:02:46.640> lot<00:02:46.800> work<00:02:46.959> in<00:02:47.040> the

you know i learned a lot work in the

you know i learned a lot work in the city<00:02:47.360> and<00:02:47.519> some<00:02:47.680> parts<00:02:48.000> i<00:02:48.160> really<00:02:48.319> enjoyed<00:02:48.720> the

city and some parts i really enjoyed the

city and some parts i really enjoyed the um

um

um the<00:02:49.840> job<00:02:50.160> analyzing<00:02:50.640> the<00:02:50.720> economy<00:02:51.120> was

the job analyzing the economy was

the job analyzing the economy was fantastically<00:02:52.000> interesting<00:02:52.480> and<00:02:52.560> there<00:02:52.720> were

fantastically interesting and there were

fantastically interesting and there were some

some

some really<00:02:54.480> intelligent<00:02:54.959> and<00:02:55.040> interesting

really intelligent and interesting

really intelligent and interesting people<00:02:55.760> and<00:02:56.080> some<00:02:56.319> people<00:02:56.480> who<00:02:56.959> were<00:02:57.200> really

people and some people who were really

people and some people who were really really<00:02:57.840> good<00:02:58.000> to<00:02:58.080> me<00:02:58.159> when<00:02:58.319> i<00:02:58.400> was<00:02:58.560> there<00:02:58.800> so<00:02:58.959> i

really good to me when i was there so i

really good to me when i was there so i don't<00:02:59.200> want<00:02:59.360> to<00:03:00.000> tell<00:03:00.239> all<00:03:00.400> bankers<00:03:00.720> with<00:03:00.800> the

don't want to tell all bankers with the

don't want to tell all bankers with the same<00:03:01.120> brush<00:03:01.360> i<00:03:01.440> think<00:03:01.519> as<00:03:01.680> you'll<00:03:01.840> find<00:03:02.159> in

same brush i think as you'll find in

same brush i think as you'll find in every<00:03:02.480> walk<00:03:02.640> of<00:03:02.720> life<00:03:02.959> you'll<00:03:03.040> find<00:03:03.200> good<00:03:03.360> and

every walk of life you'll find good and

every walk of life you'll find good and bad<00:03:03.599> people

bad people

bad people but<00:03:05.120> yeah<00:03:05.280> there<00:03:05.440> were<00:03:05.519> definitely<00:03:06.319> parts<00:03:06.640> of

but yeah there were definitely parts of

but yeah there were definitely parts of that<00:03:06.879> industry<00:03:07.360> which<00:03:07.599> uh

that industry which uh

that industry which uh left<00:03:08.800> a<00:03:08.879> bit<00:03:08.959> of<00:03:09.040> taste<00:03:09.280> in<00:03:09.360> my<00:03:09.440> mouth<00:03:10.959> gary

left a bit of taste in my mouth gary

left a bit of taste in my mouth gary stevenson<00:03:11.840> thank<00:03:12.000> you<00:03:12.080> very<00:03:12.239> much<00:03:12.400> for

stevenson thank you very much for

stevenson thank you very much for joining<00:03:12.920> us