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<blockquote data-quote="dbr10" data-source="post: 1813713" data-attributes="member: 174581"><p>No, I just meant that the news item was quite even handed. Leave say this, Remain say that sort of thing. Otherwise I agree with you. </p><p></p><p>My view is that this is actually an unfunded spending commitment. There is no Brexit dividend. The collapse of the pound after the leave vote reflected market sentiment that future growth would be less. Growth funds the tax revenues which pay for vital Public Services. We have the lowest growth of the EU28 and the G7. The extra money will have to come from increased taxation; and, with the economy already slowing; and real average weekly earnings less than in February 2008, and working benefits cut, tax increases would slow the economy further. If it can be delivered, it is positive news. But there is really no doubt that a Brexit dividend is as believable as that famous straight banana story. Maybe we could use deficit financing. At historically low interest rates, it would be manageable, and only a small percentage of the total UK Budget. I'm not normally in favour of borrowing to spend, but it can be argued that this is borrowing to invest just like infrastructure spending.</p></blockquote><p></p>
[QUOTE="dbr10, post: 1813713, member: 174581"] No, I just meant that the news item was quite even handed. Leave say this, Remain say that sort of thing. Otherwise I agree with you. My view is that this is actually an unfunded spending commitment. There is no Brexit dividend. The collapse of the pound after the leave vote reflected market sentiment that future growth would be less. Growth funds the tax revenues which pay for vital Public Services. We have the lowest growth of the EU28 and the G7. The extra money will have to come from increased taxation; and, with the economy already slowing; and real average weekly earnings less than in February 2008, and working benefits cut, tax increases would slow the economy further. If it can be delivered, it is positive news. But there is really no doubt that a Brexit dividend is as believable as that famous straight banana story. Maybe we could use deficit financing. At historically low interest rates, it would be manageable, and only a small percentage of the total UK Budget. I'm not normally in favour of borrowing to spend, but it can be argued that this is borrowing to invest just like infrastructure spending. [/QUOTE]
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