0:00
It's just depressing. The lack of understanding from this government
0:05
I mean, they genuinely believe there's a magic money tree. It is insane when people are voting with their feet
0:11
Some of the people that pay, we have a hugely progressive tax system in this country
0:15
The top 1% pay fully 30% of all income tax. Imagine a system that's so precarious as that, that if that top 1% leave
0:24
as we're seeing day by day more evidence mounting that they are, that everybody else is going to have to pay more
0:31
to make good that 30% hole in income tax. You're right on capital taxes
0:37
And the great learning over time is that actually there's a sweet spot in taxes
0:44
Why Ireland has one of the highest levels of individual prosperity, GDP per capita
0:50
the amount of their economy, their living standards, because they discovered what many people already knew
0:57
particularly Art Laffer the great economist that if you at some points reduce tax you actually raise more money Then you can go and do things that socialists love doing spending money on our unreformed public services redistributing
1:12
wealth within society. But you do that off the back of a bigger cake to start off with
1:16
OK, but we both supported Liz Truss, and she tried this, and she was out within seven weeks
1:23
And as you know, subsequent investigations into things like the Bank of England and the
1:28
degree of concentration of our pension funds in gilts undoubtedly played a role around that
1:35
I'm not going into the individual execution of things. But that has to be where the Conservative
1:41
Party, the consistent party of economic competence that believes in people keeping more of what
1:47
they earn and government spending the minimum consistent with providing a basic safety net
1:53
in society, that to me is where the Conservative Party is right to pitch its tents. And it's
2:00
probably no coincidence that we've had a few good weeks, actually, and Kemi's done a lot
2:04
of talking about the economy, about some honest truths about the state we're in, but also
2:10
talking about those first principle conservative values as it comes to the economy
