A letter a day to number 10. No 1,371
Monday 14 March 2016.
Dear Mr Cameron,
It seems George Osborne’s economic calculations have been thrown off because of ‘lower than anticipated tax receipts’.
With public sector pay being restricted to a 1% rise and with more cuts planned which will target poor, sick and disabled people, it is hardly surprising that tax receipts are falling.
The Equality Trust found that ‘the majority of the UK population (66 per cent) hold no positive financial assets at all’, that means that up to 42 million people are spending close to or 100% of their income on living with little or no hope of saving. Any loss of income means less to spend and less in tax returns. Austerity, what Paul Krugman calls ‘the austerity delusion’, is counter productive, if Osborne wants growth then what Britain needs is investment in growth which includes…
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