Osborne has at least shown every right-wing shibboleth is false

March 23rd, 2012

After a dreadful budget we should be grateful for small mercies.  But one large one is that his tenure over the last 2 years has shot just about every fox in the right-wing locker.   Cutting tap at the top would benefit the whole country because the benefits would trickle down to the rest of the population in higher productivity and growth.   But the super-rich, the 1% getting over £3,000 a week, are mainly the non-doms and internationally mobile who largely spend their money on hugely expensive properties, yachts, helicopters, bling, overseas speculation and widespread tax avoidance; rarely do they spend anything on factory investment or job creation.   Or, it is said , the rich increase productivity and growth, so they must be kept sweet.   But in the last 2 years directors of FTSE-100 companies have been kept very sweet with salary hikes of an average 49%, yet productivity and growth has stagnated or fallen. (more…)