Rachel Reeves has tied her party’s hands and placed it on the wrong side of the argument, says Josh Ryan-Collins, an associate professor at UCL
In such a system, the majority of investment flows into the capture and ownership of assets such as property, infrastructure or financial assets. This money does not then flow into the creation of new businesses, inventions or socially useful infrastructure, nor rising wages for middle- and low-income earners.Instead, it goes to private domestic and international investors and households lucky enough to own property, whose assets further inflate.
This capital misallocation is a key structural driver of the UK’s stagnant growth and low productivity. A key mission of the Labour party is to have the highest rate of growth in the G7; but to do so, the country must move from theFactors other than the tax regime have also contributed to this record of course, including the lack of an industrial strategy, a national obsession with home ownership and, since the financial crisis of 2008, fiscal austerity.
Added to this long-term, structural problem of capital misallocation is the more immediate challenge posed by inflation.
What is even more remarkable about the Labour leadership’s current position on tax is that it is out of sync with nearly the entire official economic establishment. The
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