From Redwood’s pen

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I found an amusing reference (via my own blog) to a piece by John Redwood, written in August 2007 as the economic crisis began to explode. In it he wrote about his experience of promoting the Conservative's then just published Economic Policy Review. He said:

I have gone hoarse explaining that Ireland cut tax rates on business, and lowered capital taxes, and enjoyed a large surge in revenue from the extra growth it generated. Ireland shows you can have it all - much lower tax rates, and more revenue and public spending per head. After I explain this, I am normally asked again how many teachers I want to sack to pay for the cuts!

I offer this for three reasons. First to show what a mess we’d have been in if the Tories had been in power in 2007.

Second, to show just how incompetent the Tories are at economic analysis and forecasting.

Third as a reply to the Laffer curve nutters enthusiasts who have been commenting here.

When will they learn? Clearly not yet if Osborne’s comments to the Tory conference are to be believed.

And perhaps Redwood would like to say how many teaches will be sacked now?