We might have thought Trussonomics was dead and buried for a generation after its author’s short-lived premiership last autumn. But all of a sudden it has a high-profile, if slightly unexpected, convert: Sir Keir Starmer.
In an interview with BBC Radio 4’s Today programme this morning, Starmer was sounding a lot like Kwasi Kwarteng last September:
We’ve got the highest tax burden since the second world war. What we’ve had from the government is tax rise upon tax rise on tax rise. If they’ve proved one thing, it’s that their high-tax, low-growth economy doesn’t work.
The Labour leader is absolutely correct, even if he is a little late to the party. Every time you increase taxes, the economy gets a little weaker, and as growth slows down you have to raise taxes all over again just to keep up public spending levels.
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