It looks like John Healey is set to offer the country a ‘mañana Budget’ on Wednesday – but what would something more radical look like?
This afternoon, Reform UK’s Treasury spokesman Robert Jenrick offered his party’s proposed alternative, under the slogan ‘Britain is Broke’. This teal Budget not only cites several Centre for Policy Studies publications, but also includes in its 64-point plan many supply-side policies that the CPS has championed.
Meanwhile, our Stat of the Day shows once more that Labour is heading very much the other way – more tax and more rules holding down our entrepreneurs.
If civil war on the right of British politics means the Tories and Reform outbidding each other on how far they’ll go to get government out of the way of growth – bring it on.
Below you’ll find all the latest pieces from CapX, plus what we’re reading from around the web.
Marc Sidwell
Editor, CapX
Today’s Takes
Fresh thinking from CapX
Data regulations are strangling British businesses
Matthew Lesh
‘Two-thirds (69%) of the 113 data-intensive technology businesses surveyed reported that compliance costs have risen over the past 5-10 years, while none say they have fallen, despite government attempts to reduce the burden in recent years.’
Data regulation imposes huge compliance costs on British businesses – new research commissioned by the Computer & Communications Industry Association puts the bill for our tech firms at an estimated £5.3 billion a year. And that’s not the end of the damage: the same rules also mean that businesses innovate less, or do so overseas instead. Read More
Burnham’s devolution drive has a Nimby problem
James Ball
‘The more devolved the authority, the likelier it is to say “no” to development. Absent a plan, the devolution strategy risks becoming the Nimby Supremacy.’
The Prime Minister believes that devolving power will lead to more development and faster growth. But his strategy looks set to empower the nation’s Nimbys instead. Take a look at Wales, where Plaid Cymru now want to ban steel pylons in favour of costly underground cables – a proposal that will make everyone’s energy more expensive and slow down efforts to modernise the grid. Read More
Stat of the Day
Best of the Web
A timid Budget would be playing with fire
Roger Bootle, The Telegraph 🔒
‘For people of a certain age, the sight this Wednesday of a Labour chancellor by the name of Healey delivering the Budget will stir uncomfortable memories of what happened 50 years ago.’
Budgets often try to please both the electorate and the backbenches, but nowadays chancellors also have to keep the financial markets happy. Pleasing all three groups simultaneously is very tricky. This Wednesday, John Healey will have to find money for defence spending while praying the bond vigilantes are kinder to us than they have been to France. Read More
Burnham crosses his fingers on migration
Sam Leith, The Spectator
‘“It’s fine to have free movement as long as not too many people move” isn’t a policy: it’s a pair of crossed fingers.’
Andy Burnham wants an ‘honest discussion’ about EU free movement and the changing balance of migration. He could start by admitting that free movement is a red herring when it comes to small boats. Bringing it back wouldn’t stop the boats – and it certainly wouldn’t give us more control over who comes in. Read More
Why so few workers pay their way
The Capitalist: David Frost on how to free Britain
And if you want more...
– What civil servants really think (Re:State)
– Watch: ‘Can’t Tax This’ (a tax rap) (YouTube 📹)
– The winners and losers of Trumponomics (The Economist 🔒)
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Not the ‘NIMBY’ canard again.
Look just be open. You want greedy rapacious scum in big business to trash the country, and subsidised to do so while getting tax breaks for doing it.
You’re dangerous extremists.