Ahead of the UK's Autumn Budget Statement on October 30 2024, UKYCC submitted proposals to the Chancellor of the Exchequer, urging the government to adopt bold measures that address climate change and socio-economic inequalities. These proposals focus on three main pillars: aligning economic decision-making with environmental and social needs, increasing investments in the economy and environment, and redistributing wealth. Below we outline the key recommendations. You can read the full letter here.
Align Economic Decisions with People and Planet
The UK cannot afford to delay climate action, as the financial and social costs of inaction would only grow. All economic decisions should take into account both social and environmental justice. To achieve this, UKYCC recommends several key policy changes:
Integrating Social and Environmental Justice into Fiscal Frameworks: Every spending decision should be evaluated for its impact on equity and sustainability. This approach would ensure that the Treasury and the Office for Budget Responsibility (OBR) actively promote policies that benefit both people and the planet.
Expanding the Bank of England’s Mandate: UKYCC advocates for the Bank of England to prioritise social and environmental justice alongside traditional economic goals, ensuring that the financial system supports a just and green transition.
Incorporating Social Value in Planning and Procurement: Public projects, particularly those involving housing and transportation, should embed social value principles. This would ensure that broader societal benefits, including the UK's net zero targets, are prioritised in national planning frameworks.
Promoting Deliberative Democracy: The UKYCC calls for more inclusive decision-making models, such as citizens’ assemblies and participatory budgeting. These would give local communities a greater say in how public resources are allocated, ensuring that policy decisions reflect their needs and values.
Increase Investment in Economy and Environment
We must stress the importance of increased government investment in both the economy and environmental initiatives to not only address pressing issues such as the cost-of-living crisis but also help young people, who are disproportionately affected by economic hardship. We therefore call for:
Affordable Housing and Private Rental Reform: UKYCC calls for a dedicated Affordable Housing Fund and reforms in the private rental market to make housing more accessible to young people. Improving energy efficiency and promoting low-carbon housing would reduce costs and create a more sustainable living environment.
Job Creation and Skills Development: Youth unemployment remains a significant issue, with many young people lacking the skills needed for emerging green sectors. UKYCC proposes increased investment in skills development, particularly through vocational training and apprenticeships focused on the green economy.
Community-Led Solutions: UKYCC supports national and regional investment in community-led initiatives, such as cooperatives and social enterprises. These grassroots solutions are crucial for addressing both economic inequality and environmental challenges.
GB Energy and National Wealth Fund: We call for greater clarity regarding GB Energy, the new publicly owned energy company, and the National Wealth Fund. They argue that these institutions must have clear, socially responsible missions that prioritise green energy and benefit young people through job creation and lower energy costs.
Redistribute Wealth
There are massive inequalities in this country and we see a need to rebalance this by focusing on taxing high polluters and the wealthiest individuals to fund climate and social initiatives. This includes:
Windfall Tax on Polluters: Large companies, particularly those in fossil fuels and heavy industries, should face a windfall tax based on their excessive profits. This revenue would be allocated toward climate adaptation projects and investment in green infrastructure.
Wealth Tax: We propose a wealth tax on individuals with net assets over £10 million, which would contribute to public services such as the NHS, social care, and affordable housing. They also recommend measures to prevent tax avoidance, ensuring that wealth is redistributed fairly.
The UKYCC’s proposals reflect a strong commitment to addressing the intersecting crises of climate change, economic inequality, and social injustice. By urging the government to adopt these recommendations in the Autumn Budget, UKYCC hopes to pave the way for a fairer, more sustainable future.
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