During the chancellor’s pre-Budget report and the opposition’s response, there were alternate gasps of disbelief and jeers of contempt across our trading floor. It’s utterly bewildering how our political system has managed to put such innumerates, however well-meaning, in charge of our economy.
Hmm. Perhaps, after you – not the politicians at all – were directly responsible for screwing the economy, you might lay off on jeering at them for trying to clean up the mess you created? And given your complete inability to price or understand liquidity risk, perhaps ‘innumeracy’ jibes might be considered especially inappropriate?
As ever, Dan Davies has the sensible economist’s take on things: viz, it’s all to the good but probably won’t be enough. And prophet of doom Willem Buiters is as terrifying, well-argued and appallingly badly written as ever.
Having had a nightmarish week hastily reading up on the sections in the VAT Act about what exactly constitutes a tax point for the delivery of services, I'm starting to come to the conclusion that one of it's main (probably inadvertent) consequences will to be a back door subsidy for banks, by allowing them to reclaim 2.5% VAT on some legal and professional services already billed and paid.
Gargh, stray apostrophe.
He describes himself as a free thinker, but reveals himself to be just another sheep.
The Great Prof WB is Dutch, so fair enough.