{"id":65859,"date":"2022-12-02T08:11:04","date_gmt":"2022-12-02T08:11:04","guid":{"rendered":"https:\/\/www.taxresearch.org.uk\/Blog\/?p=65859"},"modified":"2022-12-02T08:11:04","modified_gmt":"2022-12-02T08:11:04","slug":"labours-nationalisations-in-the-1940s-increased-the-national-debt-by-25-of-gdp-it-seems-a-price-well-worth-paying-again","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2022\/12\/02\/labours-nationalisations-in-the-1940s-increased-the-national-debt-by-25-of-gdp-it-seems-a-price-well-worth-paying-again\/","title":{"rendered":"Labour&#8217;s nationalisations in the 1940s increased the national debt by 25% of GDP. It seems a price well worth paying again"},"content":{"rendered":"<p>A comment on the blog yesterday referred to a valuable paper from the Hosue of Commons Library on how so many activities were nationalised by labour after 1945. That <a href=\"https:\/\/researchbriefings.files.parliament.uk\/documents\/CBP-8325\/CBP-8325.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">paper is here<\/a>.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-65860\" src=\"https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-01-at-17.01.11-550x521.png\" alt=\"\" width=\"550\" height=\"521\" srcset=\"https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-01-at-17.01.11-550x521.png 550w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-01-at-17.01.11-317x300.png 317w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-01-at-17.01.11-768x728.png 768w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-01-at-17.01.11-1536x1455.png 1536w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-01-at-17.01.11-2048x1940.png 2048w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-01-at-17.01.11-422x400.png 422w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/p>\n<p>Like a great deal that comes from this source, the paper is very helpful.<\/p>\n<p>Amongst the data made available is this table:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-65864\" src=\"https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-02-at-08.08.02-550x486.png\" alt=\"\" width=\"550\" height=\"486\" srcset=\"https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-02-at-08.08.02-550x486.png 550w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-02-at-08.08.02-339x300.png 339w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-02-at-08.08.02-768x679.png 768w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-02-at-08.08.02-452x400.png 452w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-02-at-08.08.02.png 1246w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/p>\n<p>The payments were not made in cash: bonds were used as the means of payment with the national debt increasing as a result.<\/p>\n<p>Would it be worth increasing the national debt by 25% of GDP now to achieve the same result? I think so.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A comment on the blog yesterday referred to a valuable paper from the Hosue of Commons Library on how so many activities were nationalised by<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2022\/12\/02\/labours-nationalisations-in-the-1940s-increased-the-national-debt-by-25-of-gdp-it-seems-a-price-well-worth-paying-again\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,118,106],"tags":[],"class_list":["post-65859","post","type-post","status-publish","format-standard","hentry","category-economics","category-labour","category-politics"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/65859","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=65859"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/65859\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=65859"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=65859"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=65859"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}