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00:00I think the really big one here is lifting the tax threshold of £20,000.
00:05That to me is the biggest standout policy that we've got.
00:08And why?
00:09Because it goes totally against treasury orthodoxy, goes totally against all the current thinking.
00:15And I actually think it's something that is genuinely radical enough.
00:21And you pay for that largely from cancelling the interest on the QE money that is deposited
00:29by the banks.
00:30Have you ever seen a racket like it?
00:32I think you've got it down as £35 billion a year.
00:35Paul Tucker, the former deputy governor, thinks it's £45 billion, but whatever it is, it's
00:39a very big sum of money.
00:40But it will be less than £35 billion because interest rates will come down, so the very
00:43nature of it will be less.
00:44Well, they might come down a quarter of a point.
00:46I'll tell you what, they ain't coming down that far.
00:48And how do the banks that between them make £30 billion profit a year pay £35 billion
00:52or lose £35 billion?
00:56Why do you think their profits have surprised everybody every single time we see them?
01:03They shouldn't be having this money.
01:04It's wrong.
01:06And if they want to rip their customers off, well, customers will increasingly move to
01:12the challenges.
01:13It might not be a tax, but banking customers, business and personal, will be charged higher
01:18fees because you've taken the third one.
01:21So either we rip you off on your taxes or we rip you off on your bank.
01:23That's what you're saying.
01:24One way or the other.
01:26Your own estimate is that the tax cuts and spending will cost £70 billion a year.
01:30Yes, because we've also got cuts to inheritance tax, you know, to put that threshold up.
01:36To put that up to a couple of, yeah, seven or whatever it is, yeah, yeah, yeah.
01:41Now I asked Dan Needle, I've asked him to do every party's figures.
01:48He thinks, to be fair to you, he thinks your black hole is smaller than Labour's black
01:54hole.
01:55But he thinks your actual costs a year are £93 billion.
01:59And you're looking at a black hole of at least £15 billion to £30 billion.
02:05Good Lord.
02:06Against the national debt of £2.7 trillion.
02:07Doesn't sound too bad, does it, really?
02:08But isn't the point that every party is getting their figures right?
02:14Look, nobody's ever got this right.
02:17No forecast's ever been right.
02:18No, but that includes you, doesn't it?
02:20No one's ever got this right.
02:21It's impossible.
02:22I worked in financial markets for 20 years.
02:24I can't tell you what the price of gold's going to be next Thursday.
02:27All I will tell you is this.
02:28People will argue over the numbers tomorrow.
02:30They'll argue over whether we can make the efficiency savings.
02:32Of course they will.
02:33And that's right and proper that you and others should do that.
02:36What I can say to you is that we're putting forward something that I hope is going to
02:42provoke much more thought and debate over the coming years than anything we're getting
02:46from the Labour and Conservative parties.
02:48And we think there's some stuff in there that could make a very, very big positive difference.