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The destruction of manufacturing industry in this country had little to do with taxation. It was Margaret Thatcher's unyielding adherence to monetary policy as theorised by Milton Friedman and others that caused the irrevocable decline.

Even those economists who were proud to label themselves "monetarists" now agree that it was a defective theory.

Leaving aside pure economic theory, imagine that you were to have written a novel in, say, the sixties, in which you wrote about the future in which the government encouraged the payment of dividends rather than investment in capital plant and research and development, and huge bonuses paid in the City of London and elsewhere created record champagne sales (and a massive rise in the price of properties in the seven figure price range) while coalmines, steelworks and engineering plants were closing down daily with all the human misery that that entailed. Why, you could have been hailed as the new Orwell!

<blockquote data-quote="BrianH" data-source="post: 2089543" data-attributes="member: 64960">The destruction of manufacturing industry in this country had little to do with taxation.&nbsp; It was Margaret Thatcher&#039;s unyielding adherence to monetary policy as theorised by Milton Friedman and others that caused the irrevocable decline.Even those economists who were proud to label themselves &quot;monetarists&quot; now agree that it was a defective theory.Leaving aside pure economic theory, imagine that you were to have written a novel in, say, the sixties, in which you wrote about the future in which the government encouraged the payment of dividends rather than investment in capital plant and research and development,&nbsp; and huge bonuses paid in the City of London and elsewhere created record champagne sales (and a massive rise in the price of properties in the seven figure price range) while coalmines, steelworks and engineering plants were closing down daily with all the human misery that that entailed.&nbsp; Why, you could have been hailed as the new Orwell!</blockquote>

[QUOTE="BrianH, post: 2089543, member: 64960"] The destruction of manufacturing industry in this country had little to do with taxation. It was Margaret Thatcher's unyielding adherence to monetary policy as theorised by Milton Friedman and others that caused the irrevocable decline. Even those economists who were proud to label themselves "monetarists" now agree that it was a defective theory. Leaving aside pure economic theory, imagine that you were to have written a novel in, say, the sixties, in which you wrote about the future in which the government encouraged the payment of dividends rather than investment in capital plant and research and development, and huge bonuses paid in the City of London and elsewhere created record champagne sales (and a massive rise in the price of properties in the seven figure price range) while coalmines, steelworks and engineering plants were closing down daily with all the human misery that that entailed. Why, you could have been hailed as the new Orwell! [/QUOTE]

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