A damning new report by the Centre of Policy Studies warns the UK is facing a “looming crisis” without spending cuts. The high-spend, high-tax stooges in the Treasury might want to listen…
The report, backed by Shadow Chancellor Mel Stride, lays out that GDP per capita growth has stalled, while productivity growth has collapsed to just one-third of pre-2008 rates. By the end of this decade, the tax burden is on track to a hit post-war high of 37.5% of GDP and public debt will breach 100% of GDP. Meanwhile, leading economists are warning of an IMF bailout…
Mel Stride said:
“Urgent action is needed to fix our public finances and restore confidence in the UK economy. But the current government’s answer to that has been higher spending and higher borrowing. That is unsustainable, crowds out the private sector and pushes up inflation.”
The paper argues for drastic spending cuts along with supply-side reform, including a cut to corporation tax and “removing high marginal tax rates across the income spectrum.” High tax and spend does not growth make…
Read the report in full below:
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