The Peter McCormack Show #102 - John Redwood - Lessons from Thatcher, Warnings for Starmer
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Aug 5, 2025 In this engaging discussion, Sir John Redwood, a seasoned British Conservative politician and academic, shares his insider perspective on government inefficiencies. He critiques the flawed Office for Budget Responsibility and highlights how Ireland's tax strategies outsmart Britain's. Redwood reflects on economic lessons from Margaret Thatcher's era, emphasizing deregulation and low taxes. He also warns of rising public dissatisfaction and the potential for another economic crisis reminiscent of the 1970s, urging for better fiscal management and accountability in today's governance.
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Personal Impact of Thatcher's Policies
- John Redwood recalls his parents losing their jobs between 1979 and 1981 during Thatcher's reforms.
- He explained to them the tough measures were necessary to fix the economic mess of the 70s.
Government Growth Lacks Value
- Government has expanded massively but public expenditure growth hasn't delivered value.
- This fuels public anger and political instability as no party manages to fix problems effectively.
OBR's Flawed Tax Models
- The Office for Budget Responsibility ignores the Laffer curve effect on tax revenue.
- Cutting certain tax rates can increase revenue, while raising rates too high can reduce it.
