Nothing to do with me mate!
I awoke this morning to two interesting bits of news. The first in the FT which claims that spending departments are up in arms about cuts demanded by the Treasury. They claim, quite rightly, that they need more money not less, to fix the mess they have inherited. Something will have to give and it is likely going to be the Chancellor, hiking taxes now 5 years before the next election is the obvious thing to do.
Then I found an interesting thread on all the countries which we were wealthier than in 2008 and which have now long overtaken us. I am not sure about all the figures because I am pretty sure, for a start, that the USA was richer than us in 2008. But the killer fact was that the thread was a cri de coeur from no less that the Adam Smith Institute for a radical pro-growth agenda to reverse this relative decline.
Who the Adam Smith Institute thinks was in power for the last 14 years and whose policies they were aping it is impossible to say. But it seems pretty clear that the likes of Belgium, Finland and Austria didn’t overtake the UK with more austerity, free market extremism and trickle down economics.
The reason that Rachel Reeves is in such a dilemma is because the country is so poor and it was the tories pursuing Tufton St. polices that made it poor.
Economics, trade and Brexit, not necessarily in that order but the dog always comes first.
By Jonty Bloom Media
Wealth tax, higher inheritance tax on large estates, new top level of income tax on big bonuses and silly salaries - what’s the problem? There’s no problem paying tax when the poor can’t, the problem is paying tax when the rich don’t