00:00It's just depressing. The lack of understanding from this government.
00:05I mean, they genuinely believe there's a magic money tree.
00:08It is insane when people are voting with their feet.
00:11Some of the people that pay, we have a hugely progressive tax system in this country.
00:15The top 1% pay fully 30% of all income tax.
00:19Imagine a system that's so precarious as that, that if that top 1% leave,
00:24as we're seeing day by day more evidence mounting that they are,
00:28that everybody else is going to have to pay more to make good that 30% hole in income tax.
00:35You're right on capital taxes.
00:38And the great learning over time is that actually there's a sweet spot in tax.
00:44It's why Ireland has one of the highest levels of individual prosperity, GDP per capita,
00:50the amount of their economy, their living standards,
00:54because they discovered what many people already knew,
00:58particularly, Art Laffer, the great economist,
01:01that if you, at some points, reduce tax, you actually raise more money.
01:06Then you can go and do things that socialists love doing,
01:09spending money on our unreformed public services,
01:12redistributing wealth within society.
01:14But you do that off the back of a bigger cake to start off with.
01:17OK, but we both supported Liz Truss,
01:19and she tried this, and she was out within seven weeks.
01:22And as you know, subsequent investigations into things like the Bank of England
01:28and the degree of concentration of our pension funds in gilts
01:32undoubtedly played a role around that.
01:35I'm not going into the individual execution of things.
01:40But that has to be where the Conservative Party,
01:42the consistent party of economic competence that believes in people keeping more of what they earn,
01:48and government spending the minimum consistent with providing a basic safety net in society,
01:54that, to me, is where the Conservative Party is right to pitch its tents.
02:00And it's probably no coincidence that we've had a few good weeks, actually,
02:03and Kemi's done a lot of talking about the economy,
02:06about some honest truths about the state we're in,
02:10but also talking about those first principle conservative values
02:13as it comes to the economy.
Comments