Thursday, December 28, 2006

Gordo sucks.....


Many of the EU member states have lower GDP growth than the UK because they are plagued by a combination of remorselessly high tax and high public spending. You may remember New Labour's pledges from 2001 and 1997 not to raise either the basic or top rates of income tax. And yet, the tax burden on British workers is set to increase steadily over the next five decades as government spending outpaces economic growth.
According to projections published by the Treasury earlier in December, the overall tax bill as a proportion of national income will rise from 38.4 per cent this year to almost 40 per cent in ten years' time before hitting 41.6 per cent in 2056, if current policies are continued.
So much for the prudence of the “Iron Chancellor”....more broken promises.

4 comments:

Anonymous said...

Tax, we need more tax. They have to pay for the MP's pay rises and state funded political parties this year.

Also their is the cost of all those extra police inquiries into the government. It all adds up and the taxpayers foot the bill.

I am aghast to think what will happen in 2007 when King Gordo installs his puppet Darling to the treasury and oders more pips squeaked

Voyager said...

What isn't raised in tax is raised in borrowing; what isn't raised in the Gilt Market is raised in private placement.


If we add the PFI liabilites - which is essentially "private placement" to the PSBR we see a very sad picture at a time when Brown has destroyed the funded pension sector leaving huge unfunded liabilities

istanbultory said...

Exactly. To say nothing of the fact that the huge increases in Council Tax as a result of New Labour policies take away one third of a pensioner's disposable income and the 70-plus Labour stealth taxes take pensioners' money as much as anyone else's...

Anonymous said...

A Voyager says, the tax numbers are misleading. Spending is what is important.