The problem with our piecemeal taxation regime is that it does not provide an effective rudder to steer the economy at times of stress. Had the government had the guts to reform it to a single rate of income tax, as a constituent part of three linked but flexible core elements of taxation, income,vat and personal allowances, it […]
This blog has said before that the rule in a civil war is not to recognise rebels as a formal government until they overthrow the legitimate government. We applied the rule during the American Civil War and all civil wars since. Moreover it is important to recognise that disparate forces can join in revolution only […]
We have drawn comparison from time to time, more often recently, of the similarity between the Euro crisis and the deadlock over financial policy across the Atlantic. One difference is now worth emphasising. There is broard consensus in Europe of the need to fashion a plan to reduce debt and strengthen governance of the euro […]
Just a thought for the cut less borrow more enthusiasts. If we did not have our current debt mountain, the government would have £50 billion each year to pump into the economy either directly or by reduced taxation. Think what that would do for growth.
The activity on this blog must reduce for a while, some months, as I am now engaged on a major book project, which must take priority. There will be posts, but they will be short pointers, rather than argued analysis. Meanwhile there are over a quarter of a million words in the archives of the […]
As the brinkmanship in Washington continues the UK is beginning to wake up to the fact that the biggest crisis of all is now in the making and may, or may not, be averted. It is this blog’s view that so much money is owed by so many to each other that sooner or later […]
Vince Cable drew attention yesterday to the serious situation developing in the U.S. He described the Republican Tea Party people as nutters and went on the claim that this was potentially far more serious for the UK than the drama in Euro land. You may not agree with the nutters bit, but his analysis is […]
We are all Norwegian. So said the Prime Minister of Sweden when he heard of the bombing and the massacre. He spoke for the world. There are no right words for such pointless murder on so great a scale. It is impossible to express enough emotion to do justice for the sympathy and horror we […]
No, but it is a late start. Much of what is now happening should have happened long ago. It is clear that none of the indebted countries can pay what they owe and at the same time grow their economies. It is not clear, yet, whether the package for Greece will work, nor whether the […]
This Blog does not think so. Wait for the opening of the Harbottle and Lewis file and the likely spilling of quite a lot of beans by Glen Mulcaire. In the end, after several hours, the deferential and sympathetic responses, by the whole Murdoch clan, to the questioning of the select committees, added up to the simple summary; […]