The wealthy and rich need to be better off through tax cuts as an incentive to work and save, while the poor and disadvantaged need to be made worse off and suffer welfare cuts as an incentive to work. This will only increase the current high level of inequality in the UK – which ratcheted up in the early 1980s. And it will not help the economy to break out of its current stupor of low wages and low productivity.
Michael Kitson, University Senior Lecturer in International Macroeconomics at Cambridge Judge Business School, reviews Osborne’s speech.
Read the full article [theconversation.com]