THEAMERICANCONSERVATIVE (Iain Macwhirter) - The UK’s Fiscal Apocalypse
Public spending is ballooning even as Labour degrades the British economy. The post The UK’s Fiscal Apocalypse appeared first on The American Conservative .
UK Special Coverage The UK’s Fiscal Apocalypse Public spending is ballooning even as Labour degrades the British economy. UK Special Coverage This week I came across a truly jaw-dropping statistic. Britain now spends more on benefits than it raises in income tax: £334 billion against £306 billion respectively. The UK, it seems, now taxes working people in order to pay other people not to work. Of course, there are other sources of government revenue than income tax: VAT, corporation tax, fuel duty, to name but three. But the tax/benefit ratio is a prime index of economic irrationality. The British economy has, to…Open