Ian Dunt

So generally speaking, they're punished for it.

It used to be completely normal that people spoke this way until Margaret Thatcher.

Margaret Thatcher came and then Labour tried to have tax rate, as you would have had any other period in the post-war sort of era, had to tax raising manifestos, saying we want more stuff and we're going to pay for it.

And they got absolutely pummeled for it over, well, basically, you know, nearly two decades of losing to the Conservatives.

And then a political truism took hold, which is you cannot win while promising that you're going to raise taxes.

Yeah.

And then a new model took over, which is basically you promise to cut taxes, you get in, you realise you've got five years till you have to face the electorate again, so you raise taxes.

It doesn't matter if you're Conservative or Labour, you raise them.

And then you cut them just before, you know, the next election.

And what that does is it eradicates trust in politicians from any party and has done over and over again.

You might be in the short term, A, I think we're at the absolute limit of what you can do of taxing other people and trying to do it through subterfuge.

But nevertheless, even without that, you know, we...

currently need the debate in order just to restore any kind of faith in the political system.

What about growth?

At the moment, the level of spending that we require means that tax is necessary.

But obviously, you want growth at the same time.

So then what you're looking... I mean, in my opinion, what you're looking for is a very strategic approach towards the British economy.

But you know what?

Actually, no.

Let's put that aside for one moment.