Nick took part in the Budget Debate on the 19thMarch and used his opportunity to speak to raise some of the big structural questions facing the UK Economy. Nick talked about rising income inequality, covering the tax burden on individuals, the growth of an ‘internationally mobile’ class of people and the decline in real wage growth for the majority of people over the last 30 years.
Nick also talked about the importance of the manufacturing sector to the UK, the economy’s productivity problem and the continuing problem of unemployment in the North East of England. He warned about the size of the international shadow banking sector and the decline in corporate tax revenues.
Nick concluded with a call for the Government to take a lead role in helping to create a better regulated international economy to tackle cross-border issues like tax avoidance, stating that ‘Our country has an important role to play as part of the transnational attempts to deal with transnational offenders.’ He also argued for greater Parliamentary scrutiny of government expenditure and of the Bank of England in its role monitoring future risks to the financial system.
Nick’s full budget speech can be read here