In one of the most famous quotes of the 1970s, Denis Healey warned that he would, with high taxation, squeeze the rich until the pips squeaked. Only, as he pointed out in vain later, he didn’t actually say it – at least, not quite in those terms.
The phrase stuck, though, because it was so damned effective. It encapsulated the spirit of the times in the high-tax 1970s and became convenient tabloid shorthand for the war on wealth when the country was running out of money.
Today, the public finances are in a state once again. Inflation’s on the loose and there are some painful responses coming our way. It’s bad news, I’m afraid. Get ready, one and all, for high-tax Britain.
Taxation tends to
© Times Newspapers Limited 2022.