UK Politics
General Discussion for politics in the UK.
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Especially because the modest tax rises in the last budget were greeted by universal screeching noises (and... don't seem to have really paid off).
I agree with the general sentiment you're all expressing, that Labour should bit the bullet and raise taxes. But the problem is, in doing that we actually are asking them to break a promise they made to the electorate.
The screeching noises are from the press which is owned by those who would be affected most .
You will note the press said much less about Rachel backing away from an another promise with regard to clamping down on non-doms.
I would go so far as to say most serious economists are calling for a wealth tax in some form or another, to support a healthy a prosperous society.
That screeching is less universal then the press would suggest.
A 0.1% drop after a 0.4% rise is the best actual data they have. So all the claims of collapsing economy are exaggerated predictions not facts. But gowd are the press trying to push it as fact.
The econ is on a prestige. But the cause was the huge borrowing and lack pf regulation on spending during covid. It has left the UK with huge wealth disparity added to an international loan market that is less trusting of UK finances. Meaning the cost of borrowing has risen compared to gdp. Making spending harder. Increased inflation would actually help the gov by making current debt cheaper but harm the poor.
But dispite the tory press. The increase in borrowing costs are directly related to tories time in power and increased borrowing.