Direct Democracy proposal for Economics
Review of all banking legislation
The People's Administration does not believe that increasing the rates of personal income tax for bankers only will stave off any future potential recessions. The main contributing factor to the current global recession [outside of toxic loans] as identified by the People's Administration, is not that bankers are paid too much money, but that the money paid in bonuses to bankers was commissioned against future speculations that didn't come to fruition.
As this problem is not related to rates of pay, addressing rates of pay doesn't address the problem and only serves to make the government seem authoritarian and so nothing really has changed so as to safeguard investors from future recessions brought on by the actions and inaction's of the banks.
At the same time, we believe that taxing people different rates of pay based purely upon their vocation would be blatant discrimination and, we believe that this discrimination will harm recruitment in the banking sector. UK economic recovery could then be further impeded and, as the principal expands to include other vocations in other industries, the whole system will become ever more inefficient to administer.
An increase in corporation tax for banks could be a more viable solution provided that this or any other mechanism doesn't dissuade banks from operating in the UK.
The banks are 'livid' at having to pay an £800 M tax hike [8 Feb. 2011] despite this payment being a dividend to the UK tax payer who bailed them out! This is merely a tiny return on our investment which the banks are only too happy to call for themselves when it's against their own customers. All this during the same period that they pay out over £10 BN in bonuses - all internal payments!
Should the People's Administration install direct democracy, we propose to create a range of measures that include reviewing the banking regulator [FSA] and ensuring that bonuses paid to brokers have claw-backs and/or other mechanisms that tie bonuses and commissions closer to the actuality of any deals, as exists within other industries.
We also propose to force banks to disclose the nature of their investments so as to enable customers to make a conscious choice about how they invest their money and whilst UK society complains about 'ethics' within the banking sector, it is still only the Co-operative Bank that refuses to invest in arms and/or oppressive regimes.
Who do you bank with?
• PA direct democracy proposal: Establishment of a state-run bank
• PA direct democracy comment: Barclays rate fixing
• PA direct democracy comment: Al'Qaeda's bank [HSBC] in cocaine bust - no prosecutions!
Voting for direct democracy outside a general election
It is up to us, the people [not the politicians] to use the power that we have always had, to choose to implement direct democracy as soon as possible.
This is not a protest campaign.
In accordance with Magna Carta Article 61 and with UN UDHR Article 21 and with all democratic principals up-held by the UN [which the UK is signed-up to], the People's Administration's Direct Democracy Twitter blog is a UN-sanctioned and legally recognised voting format for UK reform to direct democracy - even outside a general election.
Vote legitimately for a peaceful and structured UK reform to direct democracy now simply by following the People's Administration's Direct Democracy Twitter blog and when numbers reach a point of critical mass, we'll do the rest.
The People's Administration's constitution for reform to direct democracy and our voting protocols for implementing direct democracy have both been accepted by the UK Electoral Commission and the UN as legitimate. In a general election, the People's Administration DOES NOT have to field candidates to secure your vote on the ballot paper. Outside a general election, you can vote for a legitimate reform to direct democracy now by following @self_rule