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Low tax v levelling up: the Tories’ policy tensions will not go away
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The days of the big state are back. Plans announced by Rishi Sunak last week mean public spending as a share of the economy is on course to reach levels not seen since the Thatcherite revolution was about to begin in the late 1970s. The Iron Lady’s disciples are having kittens at the prospect.
It’s worth saying that the economy has changed substantially over the past four decades, with manufacturing accounting for a much smaller share of national output and the service sector growing in importance. Since the 1980s, the UK has run a large and persistent trade deficit in goods, only partly offset by a surplus in services.
Manufacturing’s relative decline has meant the economy has produced fewer greenhouse gases but this doesn’t give the whole
Read more on theguardian.comAbout this in other media
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