Even the Daily Telegraph has now admitted there is a Magic Money Tree. The assistant editor (no less) starts:
Conservative Party politicians have spent much of the past decade deriding the “magic money tree” spending plans of the Labour opposition.
… a whacking great oak of a magic money tree has been discovered growing in the back garden all along; it’s called the Bank of England. Without it, the country could not have mounted the humungous fiscal response to the pandemic we’ve seen. Unable to raise the money needed in debt markets, the Government would have had no choice but to let the disease do its worst.
He goes on to bemoan that,
The whole world has been economically hit hard by the Covid-19 pandemic, so international tax competition no longer provides quite the same deterrent to the imposition of wealth taxes as it used to.
The article concludes that either some form of wealth tax will appear or that inflation will be allowed to drift up so that it gradually devalues savings.
This is progress. Indeed it verges on the progressive – and all from the Daily Telegraph. Remarkable.
We just have to hope that the Labour Party reads The Telegraph too…