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The Adam Smith Institute
The Adam Smith Institute is the UK's leading innovator of free-market policies. Named after the great Scottish economist and author of The Wealth of Nations, its guiding principles are free markets and a free society. It researches practical ways to inject choice and competition into public services, extend personal freedom, reduce taxes, prune back regulation, and cut government waste.
The Institute is politically independent and non-profit. It works through research on policy options, publications, conferences and seminars, and helping to shape public debate in the media and among opinion-formers. Blogosphere
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Hell in a handbasket
By Dr Eamonn Butler
The UK used to be the most attractive economy for EU foreign investment, easily first in foreign direct investment. Now it isn't. It used to be a low tax economy. Now taxes are rising faster than in any EU country. It used to have the most successful private pensions sector in Europe, bigger than all the other countries' private pensions investments put together. Now that's being killed by the UK Chancellor's £5 billion-a-year raid on the pension funds. So there are now more pensioners in poverty than 1997. We're creating jobs - but in the public sector. The 350,000 new public-sector jobs we have created consume wealth, they don't produce it. There have been at least 60 'stealth' tax rises since 1997. The average household in Britain pays £4000 more in tax than six years ago. That means working an extra week every year, just for the Chancellor. After tax, Britons have suffered the first fall in take-home pay in 20 years. Taxes yielded £360 billion when this government took office. Now it's up to £500 billion. Yet despite all the spending, half of us think that health and transport are worse than in 1997. Meanwhile, people earning £40,000 a year find themselves eligible for social benefits; doctors, teachers and small businesses spend more time filling in forms than ever before. Am I just being cantankerous, or is this all a bit of a mess? Feedback
Please note: as of September 2005, all comments, as well as the comment posting facility moved to our new blog.
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Adam Smith Institute Tel +44 (0)20 7222 4995
Adam Smith was the great Scottish philosopher and economist best known for "The Wealth of Nations", his pioneering book on free trade and market economics.
A wide selection of material about Adam Smith is now available on the Adam Smith website. This includes the full text of his two major works, The Theory of Moral Sentiments and The Wealth of Nations. |