Proposed amendments to Stability and Prosperity

These amendments relate to the Stability and Prosperity consultation document.   They are merely ideas at present.  Nobody has agreed them.

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line 8 insert “We want to see a community in which power, wealth and opportunity are in the hands of the many not the few and where the rights we enjoy reflect the duties we owe. This will not happen in an unhealthy society where wealth is primarily inherited and the benefits of economic growth go to those who are already rich.  Reducing economic inequality will be a central concern of the Labour Government”

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Insert  at line 44 after ‘future success.’ “Key to building an economy which creates sustainable economic growth in every region of the country will be supporting micro, small and medium sized businesses. A growing sector that has the potential to increase employment opportunities at the same time as demonstrating that there is a more ethical model of doing business is the social enterprise, co-operative and not-for-profit economy. These models have also proved themselves to be remarkably effective and resilient.”

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Insert at  line 45: “Widening access to the UK Payments system to allow a greater number of financial services providers – including credit unions – to provide current accounts will increase competition in the market and offer a better deal for consumers.”

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Line 17 insert:  “As the major banks have closed branches on our high streets the payday lenders have moved in. More than 1 million people take out payday loans every year totalling almost £2bn. One Nation Labour will cap the overall cost of credit to prevent these high cost lenders from charging the most exorbitant rates. We will also introduce a new levy on payday lenders and use the resources to support the expansion of credit unions. With the right support credit unions can play a growing role in the provision of financial services – as they do in other developed countries including in Ireland and Canada. Key to supporting this growth would be increasing the number of employers who offer payroll deduction of savings and loan repayments. A Labour Government will look to public sector employers to lead the way.”

Line 31 insert “We will use a new tax on wealth to finance the NHS and social care system”

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Line 22 insert “We will rebalance the social security system to offer more support to pregnant women, parents and children in the early years.”