The New Statesman | UK politics and culture Torsten Bell: Is Britain's decline reversible?
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Dec 18, 2024 Torsten Bell, Labour MP for Swansea West and former chief executive of the Resolution Foundation, joins business editor Will Dunn to delve into Britain's economic landscape. They discuss the alarming rise in inequality and stagnant wages, emphasizing the urgent need for effective policy changes. Bell also highlights the impact of declining interest rates on asset prices and ownership trends, drawing parallels with Victorian Britain. They critically examine taxation complexities and the feasibility of introducing a wealth tax, pushing for more progressive reforms to address systemic challenges.
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Britain's Economic Decline
- Britain's economic issues stem from 1980s inequality and 2010s stagnation.
- High inequality, coupled with stagnant wages, fuels public discontent.
Bulgaria Comparison
- Torsten Bell jokingly remarks that Bulgaria is "a bit rubbish", prompting laughter.
- He uses this to highlight that Britain shouldn't be compared to less developed nations.
Labour's Impact on Inequality
- The introduction of the minimum wage and tax credits significantly reduced poverty and inequality.
- However, rising housing costs and other factors counteracted some of these gains.