Neil Duncan-Jordan

The point that the hon. Gentleman makes assumes that investing in green technology and social housing will not give a decent return, but the evidence is to the contrary, so I think that he is wrong in his premise. Workers’ money should be invested in things such as green technology and social housing because they are stable, reliable sectors that build a better future for the very people whose contributions fund them. I know that Ministers are looking to the AI revolution as another way to grow our economy. There is little doubt that AI is a transformational technology that will bring with it many benefits to our society, but in order to fully realise those benefits, it is important to put in place safeguards to ensure that the technologies are developed and deployed appropriately and in the interests of society as a whole—rather than simply being a vehicle by which large tech companies make even bigger profits. That is why we need the democratic shaping of technology. We need to work with innovators, workers and unions to steer UK research towards automation that creates or improves jobs. Without robust regulation, we risk steering society towards an unpredictable and turbulent future that does not work for the public. I have already raised with the Government the prospect of considering some kind of employment levy on companies that replace large-scale workforces with AI, and I hope that they will give that some consideration. That links to my belief that we need to rebalance our entire taxation system. Capital gains could be taxed at the same marginal rate as wages. There are also windfall taxes that could be levied on banks, utilities and other corporations that are making excessive profits. We could also have a wealth tax on those with assets of more than £10 million. Our economy needs to grow, because all the evidence shows that the more unequal a society is, the higher its risk of becoming dysfunctional. As income differences widen, people are less likely to trust one another, and we see a breakdown in social trust between our communities. Getting the right kind of growth in our economy is therefore essential—not just to make people better off but to create a more equal society that works in the interests of every one of us.