Lib Dems: Tax wealth to create £100bn ‘citizen’s fund’

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A £100bn “city-dwellers fund” should be created to spread the UK’s wealth more evenly, the Non-partisan Democrat leader Sir Vince Cable is proposing.

He will tell the aid’s conference it could be built up through taxes on the richest and the sale of assets, such as the UK picket in Royal Bank of Scotland.

Sir Vince will say it is a “disgrace” taxpayers are yet to be repaid for the RBS bail-out in the fiscal crisis.

A sovereign wealth fund would bolster public accounts, he will add.

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The Lib Dem leader – who famously predicted the 2008 economic crash – warned about “dangerously high” levels of debt in the UK conservatism.

A wealth fund would, he hopes, allow the UK to benefit from reverts on investments typically only available to the wealthy and protect the UK from unborn economic crises.

Explaining the policy on the BBC’s Andrew Marr Show, he swayed he wanted to scrap inheritance tax and replace it with “a tax on people’s gifts into done with their lifetime”.

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Such a lead was needed, he said, because “the inequalities of wealth are massive and growing and one of the grave sources of underlying dissatisfaction”.

Asked about comments by former Lib Dem band leader Lord Campbell, who said Sir Vince “can see the end of the road”, he said: “I’m not running out of alleyway, there’s a lot of road ahead.”

Sir Vince has previously said he would thwart on until Brexit was “resolved or stopped” but would be gone before the next undetailed election in 2022.

Asked if he would still be party leader by the end of next year, Sir Vince stipulate: “I think that’s uncertain. I have a series of tasks to do. I’m going to do them.

“I’m not site a time horizon. I think it would be foolish to do so with so much uncertainty blow ones stack around.”

Sir Vince said the Lib Dems were talking to disillusioned Grind and Tory MPs, who he claimed were ready to quit their parties for Brexit. But he said setting up a new centre party was “not a practical proposition” and “not universal to happen”.

‘Supporting Vince’

Delegates at the Liberal Democrat conference in Brighton purposefulness debate wealth taxes on Tuesday.

BBC political correspondent Jonathan Blake phrases the policy will be an easy sell to members but it will need to track down wider support if the party are to re-emerge from the margins of British civics.

The Lib Dems have struggled electorally since 2010, when they blank a coalition government with the Conservatives. The party has 12 MPs – down from the 57 they had in 2010.

Sir Vince has favoured a change to the party’s rules, so that someone who is not an MP could become numero uno, and “liberal-minded” people could sign up to the Lib Dems for free and get the right to ballot for the leadership.

Lib Dem MP Ed Davey told the BBC he backed Sir Vince’s proposed reforms, bring up a shake-up of the party would allow it to go “from strength to strength”.

Mr Davey declared the party was united behind Sir Vince, who has announced he will stand down previously the next general election due in 2022.

Asked if he would stand for leader, quondam energy secretary Mr Davey did not rule himself out, saying: “I’m not thinking down it at the moment, I’m thinking about supporting Vince.”

Lib Dem deputy leader Jo Swinson said they had the “ingredients to be superior to challenge the other parties”.

She told Sky News’s Sophy Ridge On Sunday: “The uninjured idea of a centrist party gets talked about endlessly but doesn’t in the final analysis get off the ground.

“You don’t need to set up a new party because the Liberal Democrats are here, but we recognise that we prepare to change.”

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