Daniel Priestley

And they put up the taxes massively at the end of the 60s and it pretty much crashed the economy. One of the things that happened... So what were the tax rates in the 50s? Well, they went up as high as 80% to 90% for the top earners. In the 50s? I think it was in the 60s. Are you sure about that? I think the 50s are unique. What is the answer, Gary?

They went up after the war.

They went up after the war.

Well, in the US actually tax rates started to go before the war. But also the size of government as a percentage of GDP was like 30%. It was a tiny, like we are now 45% of the UK economy is government spending. We have got a massive government.

Well, in the US actually tax rates started to go before the war. But also the size of government as a percentage of GDP was like 30%. It was a tiny, like we are now 45% of the UK economy is government spending. We have got a massive government.

Debt. The Bank of England allows them to print endless amounts of debt, which just deflates.

Debt. The Bank of England allows them to print endless amounts of debt, which just deflates.

Yeah, I think that's an overly simplified view of things.

Yeah, I think that's an overly simplified view of things.

Well, look, entrepreneurs take bets on the economy as well. We take bets differently. When we start a company, we're betting on how the economy would be.

Well, look, entrepreneurs take bets on the economy as well. We take bets differently. When we start a company, we're betting on how the economy would be.

It depends if we have economic freedom or not, right? We're going to have a split test on this. Do you think we will? Right. We're going to have a split test. We're going to have the UK seems like we're going to have more taxes, more regulations, and it seems like the US is going to have less taxes and less regulations. Here's what I've noticed.

It depends if we have economic freedom or not, right? We're going to have a split test on this. Do you think we will? Right. We're going to have a split test. We're going to have the UK seems like we're going to have more taxes, more regulations, and it seems like the US is going to have less taxes and less regulations. Here's what I've noticed.

I've noticed that places like Singapore that have small governments have got widespread affluence. There's not a lot of poverty in Singapore.

I've noticed that places like Singapore that have small governments have got widespread affluence. There's not a lot of poverty in Singapore.

That's not widespread in Singapore. Well, there's a lot of people. I've seen them in the closets. I've seen them in the closets. There are some. But they're not Singaporeans.

That's not widespread in Singapore. Well, there's a lot of people. I've seen them in the closets. I've seen them in the closets. There are some. But they're not Singaporeans.

Look, also the issue is that they've come from even worse conditions in many cases. People move to Singapore for an increase in lifestyle, right? You could take Ireland or Switzerland, right, economically free places. Ireland was economically in a disaster.

Look, also the issue is that they've come from even worse conditions in many cases. People move to Singapore for an increase in lifestyle, right? You could take Ireland or Switzerland, right, economically free places. Ireland was economically in a disaster.

Well, their economy almost collapsed in 2011 and they went down the road of lower taxes, lower regulations, and they attracted all sorts of businesses into the economy. Do you think that works well for the average Irishman who doesn't own a home in Dublin? If you measure everything by home ownership… I'm measuring people by the average.