The extent to which the rich can avoid income taxes is just ridiculous. I still wonder whether you can just fix this with tax. With a more effective tax. If they've got a nice house in Hampshire, let's start by taxing that. Well, that's one of the reasons people give for land tax. Look at them there. Have you seen, do you buy advertisements for move to Dubai and avoid tax? No. Do parasites do it well? Thank God. Particularly if you're a parasite, maybe you should try it. All right. So this week, catch you next time.
We last had a financial crisis in 2008 (ignoring the pandemic years), and if we’re not in another crisis now, we’re well on the way to it, with mortgages rising, taxes increasing and the price of everything continuing to rise. Your spending power is being hit in three directions. But, isn’t that what central banks want? So we spend less and inflation comes down, theoretically. Yet the banks, who might not be to blame this time, are now feeling the hurt. In fact, they stand to gain from rising interest rates because they can raise their borrowing costs. This week Phil asks Steve, will the banks always win, come what may?
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