Also confirms why decline is basically baked in, across defence, education, infrastructure, etc etc…
Our electorate’s dominant bloc lament all of the above, then threw an absolute tantrum at the notion of being given a bit less free money.
Then Starmer should address the excessive marginal tax rates that young graduates face.
£25,000: 37%
£50,270: 51%
£100,000: 71%
(Plus interest and 6% more for postgrads).
I think a huge part of the reason why no government has been able to enact difficult pro-growth reforms is that the average voter still believes we remain a rich country.
You hear this in politicians’ rhetoric “the sixth richest country in the world”.
We’re the sixth largest economy but now far from the richest. Per capita we’re tanking down the rankings.
One of the reasons why Poland or China have been able to have growth miracles in recent years is they think like a developing country.
They know they were poor and they have to build to get rich.
We think we are rich and that we don’t have to build anything anymore, or that when we do, it has to be the most expensive possible version of what we build.
Bat tunnels. Fish Discos. Kittiwake hotels.
We think we’re rich so we can afford to chase some wealth creators away, afford to mandate public biodiversity net gain on every development in the country, and afford to ratchet up state pension spending five times faster than the rate of growth in the economy.
We’re suffering from acute ‘rich country delusion’.
It’s only once we realise we’re far poorer than we should be that we can start to fix this nonsense.
“Let’s build some new homes”
No, there isn’t enough health infrastructure in the area
“Let’s build some health infrastructure then”
No, it’ll make the roads too busy
“Let’s improve road infrastructure then”
No, that’ll be noisy and wake me up on weekends
The triple lock is honestly one of the worst policies ever thought of.
Many of the people who say the benefits bill is too high are the ones making up 48% of it.
That’s £150.7 billion so people who had the easiest housing ladder, the best savings rates and the best private pension rates can get a bigger pension than they ever paid in for.
It’s a joke of a policy and I wholeheartedly disagree with it.
“Young people haven’t paid in.”
Absolute rubbish.
Young people today are paying more than ever, higher taxes, higher rents, less job security and unaffordable housing.
And the triple lock? It’s not paid for. It’s debt.
So young people will pay for it now, and will pay again later.
The message is clear. Young people are yet again expected to foot the bill.
The UK is a great country with an extraordinary history. Our stagnation is real, but it's fixable and worth fixing.
Enjoyed giving this talk at @lfg_uk last week and so encouraged by the optimistic responses I've had from people who are building a brilliant future for Britain 🚀
Tax thresholds frozen, student loan grown by 10k since graduating, cutting ISAs, astronomical rents, pension contributions taxed. Is there any financial hope for a 30-year-old in Britain?
British decline in one story.
Any state which finds itself incapable of managing a project as basic as rolling out a 20th century tech between its biggest cities needs to ask itself some profound questions about what hope it has of managing the technologies of the 21st.