One positive message from the global economic crisis is that it creates a need for a system of taxation more appropriate to a civilised democracy.

At the Liberal Democrat conference, the wise Vince Cable proposed that taxes for ordinary working families be cut by closing tax “loopholes” for the ultra-wealthy. The avoidance of capital and inheritance taxes available to multi-millionaire families makes fools of the middle classes who fret about passing on the family home.

There have been calls for the abolition of the “tax havens” which do so much to support international crime, whether in drugs and people-trafficking or terrorism, and hiding the booty stolen from the poor by the world’s despots. Because 35 of the world’s 72 “havens”‘ are either British territories or Commonwealth members, the UK has a unique responsibility, to close them.

Other suggestions include calls for a higher rate of tax on all the ultra-wealthy instead of just limiting bankers’ so-called “earnings”.

We are entering a recession. if the country is to maintain social cohesion in the difficult times ahead it is vital that all political parties recognise the damage caused by the fraudulent dogma of “trickle-down” economics. in just 30 years, it has not only created a bubble based on hype and debt, but has also returned us to an almost medieval financial gulf in society between a tiny privileged elite and the taxpaying majority. it is time for clear, straightforward fairness and honesty.

The present financial crisis, taken together with the effects on all of us of impending climate change, point to the necessity of remutualisation across a wide range of society’s activities. Not socialism, nor communism, just a recognition that within a system of finite resources “me first” doesn’t work.

If not, the poor will suffer, and the rich will suffer at the hands of the poor. There’s not much point having a Porsche if you can’t, or daren’t, drive it.

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