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Reeves’s long-term spending figures almost as unrealistic as Tories’ were, IFS says – UK politics live
Institute of Fiscal Studies, IFS, shows where the money is going in Labour's first Budget. See graphs of the household income over the 75 years under Conservative and Labour governments, which shows slower growth in household income over the next 5 years. Healthcsare and Education are growing at 4%. The growth of 6-10% is for local government spending, housing, communities and local government, work and pensions, Justice, HM Revenue.
The slow rise in household incomes to 2030 is the result of trickle down economics which is sold vigorously by some groups as economic orthodoxy including the largest corporations paying little in taxes.
This is true also of the US. FDR called it Tory policies and policies that say trickle down economics works when it doesn't. FDR said at DNC in 1932- "And we thought the Tories left in 1776." Today this is why UK household incomes show slight growth to 2030, and even this Labour Government is hesitant to boldly question this economic orthodoxy.
For Britain the debacle of Brexit turning some legitimate questions of immigration into isolation from economies of mainland Europe adds to the problem.
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