Simon Lambert

They did that.

But what they did do is they started taxing higher earners much more.

We've got problems with the tax code that haven't been sorted for years.

Things like the 60% tax trap, the removal of child benefit, which have created cottage industries and tried to earn less money.

We are in a scenario where we do need to encourage people to invest more.

We need to encourage businesses to invest more.

We need to encourage people to invest more in our country.

And an increasingly punitive tax system that targets those at the higher end who are already paying a very, very large share of total tax receipts is

is probably not what we need.

And if you look at what the IMF has said, what the IFS has said, what the bond markets are saying, they are saying this is not the direction of travel that the country needs.

Now, in theory, you know, if a more left-leaning government came in and they taxed the rich people more and then they spent more on stuff,

That could, you could argue that that would be an economically viable idea because the money that they are spending is obviously going back into the economy and it's improving things and it's improving public services and stuff like that.

But the bond market is giving a very, very clear signal that it does not think that is a desirable or be a workable plan.

It's saying, yeah, that's not a good idea.

You've been repeatedly trying that and it's not working.

And there is this perception that is taking hold.

And we are unfortunately reliant upon the bond markets because we spend above our means.

If we didn't spend above our means, we could tell the bond markets to go stick it.

Right.

But as it is, we rely on the bond markets.