The most important challenge for the next government is to turn this round. At present, we are paying more tax to get less. And it's holding back growth in national income. Totally unacceptable.

The media likes bad economic stories. But economies generally grow, especially if there's a stable macro framework and sensible policies to support skills, investment, trade and competition. This should be a good election to win. #soundmoney

Nick Macpherson Seconded. Tax partner at a major law firm, special adviser the Ken Clarke led Treasury and chairman of HMRC. I’d go as far as to say that there is no one out there with greater relevant experience.

Quite a coup getting Edward Troup on board. I don't know anybody with a deeper understanding of the tax system. theguardian.com/politics/2024/…

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It’s been great fun & a privilege to work with Sam Freedman Ayesha Hazarika & wider The Power Test team for the last year. For me, the latest episode with Nick Macpherson was the best we’ve done. Entertaining, engaging & providing real insight into issues facing a future The Labour Party Govt

Fascinating counter-view on the economy - 'this could be a good election to win' - from Nick Macpherson. He also says, through gritted teeth, we'll have to spend more on defence. Full interview on BBC Radio 4 #weekinwestminster bbc.co.uk/sounds/play/m0…
ft.com/content/ec5502…

The OBR regime is the Tories' best economic reform. But it contains a fundamental flaw. The OBR forecasts revenues independently but it takes HMG's spending plans on trust. Given defence, local government & demographic pressures,the fiscal forecast will be incredible. #soundmoney

Great appointment. Claire is uniquely qualified for this post, combining analytics rigour with excellent judgement. Her anti-inflationary credentials are impeccable. #soundmoney

I loved watching Mike Procter bat as well as bowl, summer 1974, wonderful player.

Thank you Tobias Billström (minister of foreign affairs of Sweden). I appreciate your attention to the plight of Vladimir Kara-Murza. We must protect him and other Russian political prisoners from Putin’s murderous prisons.

As F Scott Fitzgerald once said 'let me tell you about the very rich. They are different from you and me'. One of New Labour's big mistakes was to undo Nigel Lawson's 1988 reform which brought the taxation of capital gains into line with income. #soundmoney

When spending plans show no regard to the biggest security threat in 40 years and demographic pressures are on the rise, it must be right to pare back ambitions both for spending increases and tax cuts. Looking fwd to fiscally continent Budgets on 6 March and beyond. #soundmoney

Over the next 9 months, we will have tobtolerate many an 'official Treasury' costing of Opposition policy. Since time immemorial, whatever the party in power, these costings have had little if any credibility. Political advisers determine the assumptions. #rubbishinrubbishout

Beyond Ian Lavender’s famous role, he’s also the only person to have played a Government Economic Service (GES) govt economist in a film or TV drama. A single appearance in ‘Yes Minister’. Officials were so appalled that an economist had spoken to a minister that he never appeared again. How times change!