Here at CapX we love an unfashionable cause – and in a cost of living crisis, few demographics are less popular than those who seem to be struggling less.
But we’re also fans of basic economic concepts, and with the tax burden the highest it’s been since the era of state socialism under Attlee – the Laffer curve inevitably comes to mind. Because while calls to ‘tax the rich’ may be popular, if it means less money for public services, they will ultimately prove counterproductive.
And it’s not just about Treasury revenues. The only way we’ll get out of the hole we’re in is by growing the economy and that means enabling businesses to thrive, to generate profits and – in the end – to make some people wealthy.
To discuss whether the Government and society at large are doing enough to incentivise wealth creation, we were delighted to welcome broadcaster and commentator Emily Carver, Martin Vander Weyer, Business Editor at The Spectator, Merryn Somerset Webb, Senior Columnist at Bloomberg and entrepreneur Luke Johnson –founder and partner at Risk Capital Partners and chairman of Gail’s bakeries among other businesses.
This fascinating conversation ranged from the deep cultural roots of Britain’s distaste for the dirty business of making money, the moral obligations of the wealthy, to questioning – in a time of rampant inflation and a misaligned tax and benefits system – who really counts as rich?
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