As Rachel Reeves (finally) swings behind an explicit statement that Brexit has cost the UK around 8% of GDP, we might as what that looks like:
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As Rachel Reeves (finally) swings behind an explicit statement that Brexit has cost the UK around 8% of GDP, we might as what that looks like:
It equals around £224bn a year (in 2025), which given the UK's tax burden of around 35% is £78bn in lost tax revenue a year.
So if you wondering why the public sector is under-funded, while a continuing austerity logic is always in play, this lost tax income for the state is also contributing to budget shortfalls.
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As Rachel Reeves (finally) swings behind an explicit statement that Brexit has cost the UK around 8% of GDP, we might as what that looks like:
It equals around £224bn a year (in 2025), which given the UK's tax burden of around 35% is £78bn in lost tax revenue a year.
So if you wondering why the public sector is under-funded, while a continuing austerity logic is always in play, this lost tax income for the state is also contributing to budget shortfalls.
@ChrisMayLA6 But at least the NHS is funded well with those reclaimed EU payments right? *right*? -
As Rachel Reeves (finally) swings behind an explicit statement that Brexit has cost the UK around 8% of GDP, we might as what that looks like:
It equals around £224bn a year (in 2025), which given the UK's tax burden of around 35% is £78bn in lost tax revenue a year.
So if you wondering why the public sector is under-funded, while a continuing austerity logic is always in play, this lost tax income for the state is also contributing to budget shortfalls.
@ChrisMayLA6
We need some clear, unequivocal communications on this...
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As Rachel Reeves (finally) swings behind an explicit statement that Brexit has cost the UK around 8% of GDP, we might as what that looks like:
It equals around £224bn a year (in 2025), which given the UK's tax burden of around 35% is £78bn in lost tax revenue a year.
So if you wondering why the public sector is under-funded, while a continuing austerity logic is always in play, this lost tax income for the state is also contributing to budget shortfalls.
A very modest step would be the creation of a Minister for Europe.
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As Rachel Reeves (finally) swings behind an explicit statement that Brexit has cost the UK around 8% of GDP, we might as what that looks like:
It equals around £224bn a year (in 2025), which given the UK's tax burden of around 35% is £78bn in lost tax revenue a year.
So if you wondering why the public sector is under-funded, while a continuing austerity logic is always in play, this lost tax income for the state is also contributing to budget shortfalls.
@ChrisMayLA6 The UK public sector is underfunded because the government chooses to do so. It has nothing to do with "missing" tax receipts, as tax does not fund spending, it is gathered *after* spending. Repeat after me: a government is not a household, it does not need to balance income and expenditure
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@ChrisMayLA6 The UK public sector is underfunded because the government chooses to do so. It has nothing to do with "missing" tax receipts, as tax does not fund spending, it is gathered *after* spending. Repeat after me: a government is not a household, it does not need to balance income and expenditure
Ha ha, teaching a grandmother to suck eggs... in theory you are right (as is MMT), but with our political class operating on a different set or principles tax receipts remain an issue - if the bond markets were relaxed about MMT, and the political class adopted it as an operating logic, then you would be right.... but equally, state spending could be higher, if the UK chose & took the hit on Gilt yields.
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Ha ha, teaching a grandmother to suck eggs... in theory you are right (as is MMT), but with our political class operating on a different set or principles tax receipts remain an issue - if the bond markets were relaxed about MMT, and the political class adopted it as an operating logic, then you would be right.... but equally, state spending could be higher, if the UK chose & took the hit on Gilt yields.
@ChrisMayLA6 If we're going to discuss MMT, then I'm going to point out that gilt yields are irrelevant, as the government does not need to borrow to fund spending
(and before someone shouts "inflation", that only happens if you overcreate money) -
As Rachel Reeves (finally) swings behind an explicit statement that Brexit has cost the UK around 8% of GDP, we might as what that looks like:
It equals around £224bn a year (in 2025), which given the UK's tax burden of around 35% is £78bn in lost tax revenue a year.
So if you wondering why the public sector is under-funded, while a continuing austerity logic is always in play, this lost tax income for the state is also contributing to budget shortfalls.
I experience financial discomfort.
You have to forego foreign holidays.
She is forced to borrow to pay her bills.
They are in poverty. -
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