As you all know the markets are going after France.
Us Brits maybe smug but our turn is next. And rightly so. With a bloated NHS that offers free boob jobs to people from Bangladesh on vacation and a public sector that makes India look like silicon valley, our debt is just going to keep on rising. The answer is more cuts.
Cuts in red tape.
Cuts in tax.
With a tax rule book that most accountants do not understand, we hear Laffer was right. High taxes means less tax revenue. It has been reported the 50% income tax rate is going to cost the UK a few hospitals. GBP1 billion. (telegraph)
We also see that 1% of the high tax payers deliver a staggering 25% of the tax revenue. So alienate them and that GBP1 billion will rise even more.
Osborne, the UK's man with the ATM pin number, is a boy trying to do an adults job. All the promises from a Green Bank to helping SME's have been postponed. He needs to cut VAT, move the 50% band to those earning a million a year, put in a flat tax and only allow the NHS to be used by people who go to the gym and have lived in the UK for at least 10 years. Something like that.
Debt swigging Japan blames Europe for its alcoholism (bloomberg)
Pissed off Irish demand haircuts (telegraph)
Microsoft to buy Flickr (reuters)
Belgium to become an annexe of France. Oops, it already is.