UK Sovereign Wealth Fund

Why didn't the Labour gov of the mid sixties set a fund up..? What did they do with the money?

In the 1960's they were still rebuilding after the war. That was the priority.

UK North sea oil didn't peak until the 1980's

---------- Post added 18-09-2018 at 18:05 ----------

Probably the same thing Gordon did when he artificially created a low price for gold and sold off half the family stock of it cheaply. [/quote

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http://therealasset.co.uk/charts-and-graph/gold-price-charts/

 

If you look at the graph of gold prices going back 50 years (last graph in above link,) you'll see they stay fairly flat save the odd blip. It was at the end of that period of slowish growth, (actually in 1999 it was in decline) that Gordon Brown sold the gold. (1999) Unfortunately gold rocketed shortly after and has stayed high/volotile ever since. Shows how true is "Your investments may go up or down."

 

That doesn't mean he was right to sell it at any time. Neither was Thatcher right to sell off our Nationalised industries.

In the 1960's they were still rebuilding after the war. That was the priority.

 

UK North sea oil didn't peak until the 1980's[.

They had chance between 74 and 79...

In the 1960's they were still rebuilding after the war. That was the priority.

 

UK North sea oil didn't peak until the 1980's

 

---------- Post added 18-09-2018 at 18:05 ----------

 

Probably the same thing Gordon did when he artificially created a low price for gold and sold off half the family stock of it cheaply.

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http://therealasset.co.uk/charts-and-graph/gold-price-charts/

 

If you look at the graph of gold prices going back 50 years (last graph in above link,) you'll see they stay fairly flat save the odd blip. It was at the end of that period of slowish growth, (actually in 1999 it was in decline) that Gordon Brown sold the gold. (1999) Unfortunately gold rocketed shortly after and has stayed high/volotile ever since. Shows how true is "Your investments may go up or down."

 

That doesn't mean he was right to sell it at any time. Neither was Thatcher right to sell off our Nationalised industries.

A very quick search would show you peak oil in the North sea was 1999.... Who was in with a huge majority then...

Too late by then though, the tory government had sold of the rights to the oil, renationalising would have cost us more than it could have then made.

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http://therealasset.co.uk/charts-and-graph/gold-price-charts/

 

If you look at the graph of gold prices going back 50 years (last graph in above link,) you'll see they stay fairly flat save the odd blip. It was at the end of that period of slowish growth, (actually in 1999 it was in decline) that Gordon Brown sold the gold. (1999) Unfortunately gold rocketed shortly after and has stayed high/volotile ever since. Shows how true is "Your investments may go up or down."

 

That doesn't mean he was right to sell it at any time. Neither was Thatcher right to sell off our Nationalised industries.

Gordon Brown caused the crash in the price by announcing that he was going to sell off the reserves causing a 20 year low in the price. He then over the next 2 years artificially generated low prices by further announcements of sales.

https://www.bullionbypost.co.uk/gold-price/alltime/ounces/USD/

This chart is the same as yours but shows the values better, you can see the 12% drop in price which is the same time as his announcement and first sale. Interesting that if he had not done then the value of the gold would be 4 times the value but I agree , thats the markets for you.

Can you please let me know how Corbz is going to fund what you are claiming is the UK equivalent of sovereign fund in the independent national bank

Gordon Brown caused the crash in the price by announcing that he was going to sell off the reserves causing a 20 year low in the price. He then over the next 2 years artificially generated low prices by further announcements of sales.

https://www.bullionbypost.co.uk/gold-price/alltime/ounces/USD/

 

This chart is the same as yours but shows the values better, you can see the 12% drop in price which is the same time as his announcement and first sale. Interesting that if he had not done then the value of the gold would be 4 times the value but I agree , thats the markets for you.

 

 

Can you please let me know how Corbz is going to fund what you are claiming is the UK equivalent of sovereign fund in the independent national bank

Taxing the super rich by closing loopholes, (which the Tories have 'surprisingly' failed to do,) and partly through 'quantatitive easing for the people.' Controversial, as most people don't understand it, and people are afraid of things they don't understand, but it has the backing of several economists. Its intention is to invigorate the economy with investment in infrastructure, and in research and development.

Taxing the super rich by closing loopholes, (which the Tories have 'surprisingly' failed to do,) and partly through 'quantatitive easing for the people.' Controversial, as most people don't understand it, and people are afraid of things they don't understand, but it has the backing of several economists. Its intention is to invigorate the economy with investment in infrastructure, and in research and development.

The top 2% of tax payers pay a third of the total tax revenue aAnna. The upper half of tax payers pay 90% of the entire countries revenue.

How long do you think it will be before you tax the super rich and they simply up sticks and move and take all that money with them? How is that going to work then?

Say you decide to go back to the bad old days of the 1970's and set income tax at 83% You think that people wont leave? These are people with employment that can be done anywhere in the world from an internet connection - if just a quarter of the top 1% leave then you lose 7% of total govt revenue.... which means you have to double the taxes on the lower half of the income tax or increase taxes yet further on the disenfranchised top earners and risk more of them leaving, making the situation worse...

As for loopholes, the Rvenune estimate of the amount to be gleaned, is not really very much at all. I'd suggest you look at the figures...

Taxing the super rich by closing loopholes, (which the Tories have 'surprisingly' failed to do,) and partly through 'quantatitive easing for the people.' Controversial, as most people don't understand it, and people are afraid of things they don't understand, but it has the backing of several economists. Its intention is to invigorate the economy with investment in infrastructure, and in research and development.

Good job there were no loopholes when Mr Brown was in charge of the purse strings eh?

Taxing the super rich by closing loopholes, (which the Tories have 'surprisingly' failed to do,) and partly through 'quantatitive easing for the people.' Controversial, as most people don't understand it, and people are afraid of things they don't understand, but it has the backing of several economists. Its intention is to invigorate the economy with investment in infrastructure, and in research and development.

Where would i find this on a labour policy or is it your opinion?

How much taxing of the super rich will be required? Where is this laid out and costed or is it just the usual sound bite of "tax the rich more"

Which loopholes will be closed

QE is essentially printing money for the sake of it is it not, be that by the bank injecting money from new or by buying bonds.

How is that similar to collecting revenue from oil reserves as you are saying that the new bank is the equivalent of the sovereign fund which is the point of the thread.

Doesnt sound like your description quite matches it?

Taxing the super rich by closing loopholes, (which the Tories have 'surprisingly' failed to do,) and partly through 'quantatitive easing for the people.' Controversial, as most people don't understand it, and people are afraid of things they don't understand, but it has the backing of several economists. Its intention is to invigorate the economy with investment in infrastructure, and in research and development.

Which of the 100+ changes to the tax system since 2010 and the increases in tax revenue under the Tories don't you agree with?

https://www.bbc.co.uk/news/uk-41890708

Taxing the super rich by closing loopholes, (which the Tories have 'surprisingly' failed to do,) and partly through 'quantatitive easing for the people.' Controversial, as most people don't understand it, and people are afraid of things they don't understand, but it has the backing of several economists. Its intention is to invigorate the economy with investment in infrastructure, and in research and development.

How many times do we have to go over this?

The Tory's have closed loopholes. They are getting billions in extra revenue due to the closing of these loopholes.

Just because it doesn't fit with what you believe, it doesn't mean you can just continue to claim it isn't true.

How many times do we have to go over this?

 

The Tory's have closed loopholes. They are getting billions in extra revenue due to the closing of these loopholes.

 

Just because it doesn't fit with what you believe, it doesn't mean you can just continue to claim it isn't true.

Britain is still considered to be a tax haven, so not enough has been done.

Then there are the Russian oligarchs etc buying up land and property just to have it lie idle as a tax dodge. There's plenty still to be done.