Tax credits and the case for a new democratic constitution

Those campaigning for a new, democratic constitution can take heart from the fact that the present one is crumbling in front of our eyes. The conflict between the Lords and Commons over Tory plans to scrap tax credits is just one of many breaking points.

The surest sign of a deepening crisis is that members of the unelected House of Lords felt sufficiently emboldened to defeat a financial policy passed three times by the House of Commons, ignoring warnings about constitutional implications.

When Labour shadow minister Owen Smith says the Lords had “spoken for the country”, where does that leave the status of the Commons, which has been a central feature of the parliamentary state since the late 17th century? The answer is that it’s all unravelling pretty fast.


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Comment by Daniel Buckley on October 28, 2015 at 10:48

 The article is an excellent summation of the present state of Politics and Economics in the Uk and Europe today.

I can only add that this was foreseen by Karl Marx in his Das Kapital and the Theory of Surplus Value ,written in 1856 or thereabouts.

Employees/labour is underpaid, Industrial capital is neglected and underfinanced. Financial capital has stripped the core of the Economy by the use of unearned income from high  rents and the exponential growth of compound interest on loans,

Finance capital is a parasite on the Economy of a Nation and is destroying the host.

The cure is Sovereign created, interest free Industrial investment .similar to Jeremy Corbyns incorrectly names Peoples QE. Should read Overt  Industrial Fiscal investment.

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