Phil Aldrich

And I mean, they're saying now that they wouldn't enforce such a right.

So yeah, so it doesn't work.

And we saw some behavioral action by business owners and others a couple of years ago after it was anticipated the capital gains tax would rise to everybody basically cashed in before the budget.

So we've seen a massive spike in actual capital gains tax revenues and it's all been driven by behavioural stuff.

So again, wealth tax is such a difficult one to actually guarantee you're going to get any income off because it is subject to so much behavioural change.

More constraints there.

Well, as you say, the complications involved, you just thought it would be an obstacle in themselves to this.

If he needs to win the next election, he needs to have done something by then.

You know, one of the other things people are talking about is, you know, revaluing the council tax balance and revaluing the entire housing stock in the UK so that the 1993...

Valuation estimates are updated for today.

But that itself takes a long time, which doesn't sound anything like as complicated as doing this kind of, what is the amenity value of the local services that are provided by the state for the land?

And then we'll tax a little bit of that.

But if the council tax revaluation would take a few years to do, that seems implausible that he'll be able to put in a land value tax and actually get anything out of it in time for an election.

I'm not sure what would necessarily be popular.

They're going to have to touch spending in some way because the tax burden is already going to be hitting the highest since in the post-war period.

Debt is edging higher.

It's getting up to very close to 100% of GDP.

The deficit has been running at 5%, between 4% and 5% for the last four or five years.

I mean, it's completely and utterly unsustainable.

And the idea that you can find a tax that is going to be an acceptable tax.