In its last manifesto, the Labour Party pledged to bring the water, rail and energy sectors back into public ownership, while introducing a Fiscal Credibility Rule. But is it possible to do both and ensure the economic future of the UK?
I am delighted to being involved in a joint ICAEW and Fabian Society project to explore the tough spending choices that would face a Labour government.
Throughout June and July 2018, ICAEW and the Fabian Society will be assessing how Labour can realise aspirations of its 2017 manifesto, in the context of a sound financial stewardship of the UK's economy.
We are doing this as a series of discussions with supporting essays. The first Fabian Society essay by Andrew Harrop and my response to it are now on-line. Follow the link if you would like to know more.
The implication is a share of future profits needs to go to giving interest on the debt. Each dollar of interest is a dollar that is not working into other key advantages, such as assignment helper healthcare or schooling. Yes, business rates are low nowadays, which makes debt low, but even with low prices, the weight of interest increase as debt piles up, same prices are likely to increase in the future.
I think that the government must care for people who read a lot of books!