The Spectator

•HomeThe crisis in the eurozone was ‘an opportunity to begin to refashion the EU so it better serves this nation’s interests’, David Cameron, the Prime Minister, said in his Mansion House speech. George Osborne, the Chancellor of the Exchequer, said in a television interview: ‘There’s got to be more integration — the kind of thing actually that Britain would not tolerate and is one of the reasons we didn’t go in the euro.’ Unemployment among those aged 16-24 rose above a million. Inflation fell by 0.2 percentage points, to 5 per cent (measured by the CPI) and 5.4 (by the RPI). Mr Cameron threw a fork at a mouse during dinner at his Downing Street flat, but missed.

Arthur Laffer Chairman, Laffer Associates Cut the 50p tax Reducing the burden which government places on the economy, through tax cuts, is the surest way to promote growth. I have never heard of a country that taxed itself into prosperity. Yet Britain last year raised the top rate of income tax from 40 per cent to 50 per cent. For more economic growth, and more tax revenue, this rate should be lowered immediately. This paradox — lower rates, but higher yield — has been demonstrated time and time again, the world over. Between 1980 and 2007, the US cut tax rates on every form of income, the highest, the lowest and all those in the middle. The result was that the rich paid more, even if their tax levels were reduced. Let’s take the top 1 per cent of earners.