0:00
This is effectively, you know, a kind of
0:02
an unsurprising labor budget. Spending
0:04
is going up. Taxes are going up to fund
0:07
that. I mean, the main narrative of this
0:09
is there will be higher taxes in order
0:11
to fund higher welfare spending. Is it
0:13
It's much more pitifully put than than I
0:15
could. I mean, put some numbers to that.
0:17
The the tax take is going now from a 75
0:21
year high to a 77year high, 38p in the
0:25
pound. um it's quite a considerable
0:29
uh draw and uh for those of us you know
0:32
with relatively long memories of how
0:34
much the Treasury feel they can tax the
0:37
UK economy before you start to get some
0:38
really quite extreme distortionary
0:41
impacts. um the former permanent
0:43
secretary of the treasury now Lick
0:45
McFersonen now Lord McFersonen uh spoke
0:47
about more than a decade ago now about
0:49
the Treasury view on this and the idea
0:52
that if you move above a certain
0:54
threshold of taxation you start to get
0:56
some quite distortionary impacts and I
0:58
think we're seeing that already in terms
1:00
of the doicility of UK companies the
1:02
doicility of UK high net worth
1:04
individuals and I think the Treasury and
1:06
the Labor government are are treading a
1:09
pretty dangerous path now in terms of
1:11
How far can you squeeze the the the
1:14
taxable base before you get perverse
