The Rest Is Money
87. Will Labour Scrap Council Tax?
Aug 25, 2024
Grace Blakeley, an insightful economics commentator known for her expertise in housing and local government finance, joins the conversation to tackle pressing financial topics. They discuss the outdated council tax system and the urgent need for reform, pointing to potential equity-based solutions. Grace also explores the intriguing idea of crowdfunding for public projects to boost community involvement. The episode further navigates the complexities of the housing market, debating the controversial topic of banning landlords to solve the housing crisis.
41:27
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Quick takeaways
- The UK council tax system is outdated and inequitable, leading to calls for a significant reform based on current property values.
- Community crowdfunding could enhance local infrastructure by fostering ownership and engagement, though existing public investment methods also play a vital role.
Deep dives
Council Tax Reform and Regional Disparities
The current council tax system in the UK is criticized for being outdated and not reflective of property values, as it was based on valuations from the 1990s. This has resulted in stark regional disparities where individuals in lower-value homes can pay more council tax than those in high-value properties, such as Buckingham Palace. With examples cited, it's highlighted that many people support the idea that council tax needs a substantial reform due to its inequitable nature. A proposed solution is a new tax model, which includes a potential 0.5% annual tax on property values, aiming for a fairer distribution that aligns tax liabilities more closely with property worth.
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