Freezing income tax bands leaves the wealthiest unaffected, while Rachel Reeves’ deference to the bond markets is another gift to the rich, writes Steven Methven.
When interest paid on public debt for the last two years has coincidentally also been £100b you can see why the idea came into my head. It’s consistently getting worse as well.
Well to start with you need to stop running a deficit. Once we are spending less than we raise in taxes we can pay down the debt and bring down those borrowing costs.
Alternatively you wait for inflation to overtake interest and eventually your debt pile and interest becomes a smaller and smaller part of the overall budget.
When interest paid on public debt for the last two years has coincidentally also been £100b you can see why the idea came into my head. It’s consistently getting worse as well.
Well to start with you need to stop running a deficit. Once we are spending less than we raise in taxes we can pay down the debt and bring down those borrowing costs.
Alternatively you wait for inflation to overtake interest and eventually your debt pile and interest becomes a smaller and smaller part of the overall budget.