The Prime Minister, backed strongly by Ed Balls, his closest ally, argued that a VAT rise would risk hampering the recovery and that a rise in National Insurance, which would affect wealthy people more, would be a fairer way of convincing the markets that the Government has a plan to cut the record £178 billion budget deficit within four years.
God knows, it's all I can do to keep my own head from going pop ... but I still want to see what the UK looks like when its sovereign debt is regarded as a junk bond.
5 comments:
They're right about keeping VAT down (it's the worst tax), they're wrong about hiking NI (it's the second worst tax) and they are wrong to imagine that they can reduce the deficit with tax hikes. We've reached the top of the Laffer curve, so it is now nigh impossible to increase revenues from taxes productive activities.
What we need is a TV show where snotty and his band of troughers are dropped onto an Island and have to fight to the death, leaving one survivor.Pay per view £100 a go....national debt gone in 1 week.
oh I forgot we have a raffle to shoot the winner...just cos it would be fun to do.
What we need is a TV show where snotty and his band of troughers are dropped onto an Island
The one they seeded with anthrax would be my choice.
I'm thinking more Pitcairn myself.
Pitcairn might be appropriate. Lot of dubious sexual deviation there was there not?
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