Re: There are some people that the
Some people have no idea nor memory of when we did just fine without many taxes. Nor how only 10% of taxes collected actually provide any kind of benefit -- not a very good return on investment.
Indeed. The tax base is near all time highs and the upper limit of what is possible to extract from the economy (commonly understood to be 40%).
The sad reality is that Labours Liam Byrne was right in his note "Sorry, there's no money left". It's already spent and there is simply no more money left for the public sector to consume. Given the weaponised nature of the NHS, the government are right not to touch it - leave it for the next labour government to enforce reforms upon, for reforms will have to be enforced.
The national debt, even ignoring the trillions public sector workers feel they are due in pensions, has hit the stage where interest at generational low rates, is costing £50 Billion per year. So there's no more taxes to take and no more debt to accrue.
The state, all of it, is going to have to find a way to function while consuming a lot less money than it does at present or we are all going to have to find a way to function without the state. There's no magic money tree, nothing left to tax, and nobody to borrow from.
Biting the hand that feeds IT
