Quote [90] – One Egg One Basket – One UK Economy

The government may have been united about the need to stimulate the economy, but it was less clear about how it should respond to the rapidly deteriorating state of the public finances.  Britain’s comparatively narrow tax base saw the deficit soar when revenue from the City collapsed.  From at least the spring 2008, the Treasury had become alarmed about this. ‘We were continually surprised by just how big it was becoming,’ says senior official.  They had good grounds to be worried. Tax revenue – UK Brown at 10 – Anthony Seldon
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