Once upon a time there was little Island country called the U.K.It was a great Sea power and ruled a quarter of the world. There was a saying the sun never set on Britain’s Empire.
The shameless exploitation of people of colour brought great wealth to this Island nation. It made some people very rich and others not so .During the height of its power Britain was about 2% of the world’s population and 40% of the worlds manufactured output. Just about everything was made in Britain. Then things started to go wrong
As long as Britain could exploit its Empire it did fine. Then the Second war came and Britain was bankrupted. An enlightened US President called Roosevelt came along, known simply FDR was an anti- Colonialist and Anti- Imperialist made it a condition of money needed for reconstruction that Britain must get rid of its Colonies and set them free.
So after the 1948 decolonization took place. As a consequence of these events Britain could no longer exploit its former colonies in the way it did as before. Then suddenly competition started to come to U.K.
British business had a choice in order to remain competitive (1) invest in new technology i.e. plant and machinery, innovation, invest in high skilled productive workforce, or it could lower its labour cost making the same stuff.
Most British business decided the cheap option to lower labour costs, by importing low skilled labour from its former colonies, like the textiles Industry. Unfortunately the industry only lasted an extra seven years then it slowly died out.
And so it was other industries like the nationalized car industry continued to lose money while making cars nobody wanted. Then Margaret Thatcher came along and she decreed low and behold I will make Britain great again will wave a magic wand called Monetarism from the great Guru Milton Friedman (thank God who is now dead)
I will sell of Britain to big business, so auctions were held called privitizations, and the public were conned in to buying what they already owned, public utilities which then became private utilities.
And Thatcher spoke from the Capitalist Mountain that everyone will be better off, and so it came to pass peoples water bills doubled along with their gas and electricity, house prices have gone through the roof, after selling of most of the social housing stock the government owned.
Despite all the privitizations, and flexible labour laws, the U.K is still not as productive or innovative as its competitors, so more experiments were needed on the population, now we must now get rid of the welfare system; our benefits are too generous because some people can be better off on benefits than working. No one could work out that reasons people are better off on benefits is because our wages are too low.
And so it came to pass that the government of the day decided to subsidize low wages through the tax system called working tax credit, so it gave employers no incentive to pay a living wage knowing that employees could get tax handouts from the tax credit system. So £5 billion pounds became a tax subsidy for business to pay low wages each year.
And what happened the number of people on the minimum wage went up, and the number of people claiming tax credits went up.
Despite all the above measures the U.K’S overall tax rate that is direct and indirect taxes has remained static 37-40% of gdp.
So be warned more economic and social experiments are needed to make Britain great.
Kind regards
Tiger Moto

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