• Our short-term goal will be to reduce and simplify taxation and shift it towards consumption not income, to increase transparency and
• Begin repayment of the National Debt. Our long term goal is to have a vibrant, transparent, open, honest, low-tax, sustainable and true market economy, in which the Pound Sterling value is preserved and little or no National Debt exists.
• This would be written into a Swiss style constitution that forbids the State on our behalf to overspend.
• The State has a responsibility to not destabilise the economy nor create government debt, which is both a tax on the existing population and a mortgage on our children’s future.
• Libertarians believe passionately in free markets. And when we say ‘free markets’ we mean exactly that—people and organisations trading freely, honestly and voluntarily, for the benefit of all.
• Some lobby groups use the term ‘free markets’ to mean the economic rule over us by faceless corporations. Such corporatism (sometimes called political capitalism)is opposed by libertarians, and many of our policy proposals are squarely aimed at tackling this abuse by monopolies, cartels and regulation.
•Attempts to reform our economic system would founder if we ignore one of the major underlying structural issues; the question of how our money supply is created.
Income and Corporation Taxes
• Personal Income Tax to be abolished. Initially the poorest will be taken out of income tax with a £12,000 personal allowance and a flat rate above that.
• Corporation Tax lowered to 10% to encourage business and commerce to be based in the UK. The Party is committed to investigate the viability of a 5-year exemption from Corporation Tax for start-ups.
• Inheritance Tax and Capital Gains Tax abolished in first Libertarian parliamentary term.
Local Taxation Areas
• As the Libertarian Party advocates a Swiss style devolution, the Party would not have a standard tax rate across the country.
• Low or differential Tax in different areas would create competition for business to move, locate or set up in a low tax area.
Local Banking Groups
The Libertarian Party advocates the immediate breaking up of the insolvent, bailed out banks and placing them into administration and the setting up of locally owned commercial banks whose banking licence is based on their ability to lend or invest in small to medium sized business.
‘Too big to fail, means it is too big to start with’
AN ECONOMY IN CRISIS (pdf)