Dark Clouds over Britain

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The excellent British financial newspaper The Business ran a feature over the weekend titled UK Tax Grab Even Larger than Germany's. It opens with this:

Britain's tax burden will surge ahead of Germany's for the first time in a generation this year. It signals the end of an era for the UK as it decisively turns its back on economic liberalism.

The article then offers some worrisome figures to back it up:

The UK fiscal burden — mainly taxes but also fees and other government income — will hit 42.4% of gross domestic product (GDP) this year. By contrast, the fiscal burden in Germany will fall to 42.1% of GDP, less than Britain's for the first time in recent history. Britain will also outspend Germany from next year. In 2007, German government expenditure will fall to 45% of GDP, while British public spending will hit a new high of 45.7% of GDP.

The architect of this is none other than Gordon Brown, Britain's Chancellor of the Exchequer, roughly the equivalent of our Treasury Secretary but with an appreciably greater say over the country's fiscal and spending policies.

Gordon Brown is a known leftist in the mould of European socialists and well—liked by the rank and file of the Labour Party, many of whom are to the left of Tony Blair. Most importantly, he is very likely to succeed Tony Blair as Prime Minister sometime before the next general election. Once this happens, he will almost certainly seek to refashion the British economy along the lines of the failing European model. This will draw Britain closer to the west Europeans on other fronts as well including foreign policy. It is almost certain that under Brown's leadership Britain will no longer be as staunch an ally to America as it has been under Tony Blair who has often bucked his own party to do the right thing.

One can see dark clouds gathering ominously over the shores of Albion.

Vasko Kohlmayer   1 17 06

The excellent British financial newspaper The Business ran a feature over the weekend titled UK Tax Grab Even Larger than Germany's. It opens with this:

Britain's tax burden will surge ahead of Germany's for the first time in a generation this year. It signals the end of an era for the UK as it decisively turns its back on economic liberalism.

The article then offers some worrisome figures to back it up:

The UK fiscal burden — mainly taxes but also fees and other government income — will hit 42.4% of gross domestic product (GDP) this year. By contrast, the fiscal burden in Germany will fall to 42.1% of GDP, less than Britain's for the first time in recent history. Britain will also outspend Germany from next year. In 2007, German government expenditure will fall to 45% of GDP, while British public spending will hit a new high of 45.7% of GDP.

The architect of this is none other than Gordon Brown, Britain's Chancellor of the Exchequer, roughly the equivalent of our Treasury Secretary but with an appreciably greater say over the country's fiscal and spending policies.

Gordon Brown is a known leftist in the mould of European socialists and well—liked by the rank and file of the Labour Party, many of whom are to the left of Tony Blair. Most importantly, he is very likely to succeed Tony Blair as Prime Minister sometime before the next general election. Once this happens, he will almost certainly seek to refashion the British economy along the lines of the failing European model. This will draw Britain closer to the west Europeans on other fronts as well including foreign policy. It is almost certain that under Brown's leadership Britain will no longer be as staunch an ally to America as it has been under Tony Blair who has often bucked his own party to do the right thing.

One can see dark clouds gathering ominously over the shores of Albion.

Vasko Kohlmayer   1 17 06