Monday, September 18, 2006

Young 'will lose half of their pay to taxes'

Hong Kong island skyline
Conservative think-tank Reform has published research showing that young people starting at university this month will pay around 48% of their income in taxes, pension charges and student debt until they are 35. This is not going to change until younger people start to vote in the numbers of the baby-boomers who are benefitting from the resulting state largesse, largely through unfunded pensions and geriatric care.

Margaret Thatcher's clarion call was "freedom." Yet Blair and Brown have taken the worst of her authoritarian instincts and combined them with a state that interferes with and micromanages day-to-day life to an unprecedented degree.

David Cameron and his team spent the summer visiting India and China. Why didn't they drop in to Hong Kong and learn some lessons from their 20.7% state expenditures as a percentage of GDP, less than half of that in the UK?

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