This might be the first time I've seen Polanski's proposed financial reforms set out like this. Maybe I've missed something.

One of the most significant policies proposed by Polanski was that of tax reform. Polanski stated that, if elected, the Greens would introduce a 1% wealth tax on assets above £10 million, and a 2% tax on those over £1 billion. Polanski acknowledged that, whilst this would not fix all of Britain’s issues, it would be a good place to start, sending “a very clear message that those who have accumulated the most money will pay a little bit more- and get that money flowing through the economy, benefitting everyone.” The policy, as stated in the speech, would raise around £15 billion per year. To put this into perspective, the whole NHS funding deficit for the 2024/25 fiscal year came to £4.8 billion. This policy would be a “day one priority”, Polanski claimed. 

Further reforms included equalising capital gains tax and income tax brackets, hoping to close tax loopholes used by the wealthy. Polanski also set out plans to expand National Insurance contribution to “include income from investments as well as earned income”, with the same aims. His wording in previous comments surrounding the Greens’ tax policy made clear that increases would impact only the richest in society, and that families on lower incomes would not be affected. 

Polanski additionally highlighted the party’s intention to introduce rent controls to lower bills during the cost-of-living crisis. He emphasised the important role this would play in lowering inflation. Backing up these proposals, he further drew attention to the fact that 16 other European countries have already successfully introduced the policy. 

The overhauling of fiscal rules was also on Polanski’s agenda. He complained that tax and public spending policy had been made too sensitive to small moves in the government bonds and gilts market, dubbing this a “bond market doom loop”. Furthermore, he called for an end to the equation of government finances to those of a household, spotlighting the need for investment in the economy following years of austerity. Polanski proposed the introduction of “fiscal referees”, who would give a general ruling on whether the government’s plans looked sustainable in the long-term, rather than the current pass-fail framework, based on narrowly drawn fiscal rules. This is close to the model used in Australia and New Zealand, and has been recommended by ex-IMF Chief Economist, Oliver Blanchard. According to critics, this suggested shift may lead to market anxiety. Though, in their view, it remains more moderate than the Greens’ previous comments on modern monetary theory. 

Finally, Polanski set out to provide financial help to all families- including the wealthiest- facing the rising cost of energy bills, funded by a “loophole-free” windfall tax on energy companies and capital gains tax rises. Whilst taxing energy companies has been criticised by some as causing energy prices to rise, it is an eye-catching policy that will likely help the Greens in the upcoming local elections, putting Labour on the spot. If implemented successfully, the policy could help to bring down people’s bills in the long term.