It's not bollocks at all. Like it or not huge wealth is located in London and most of the tax earned in London is derived from the financial services that are based there.
I didn't say it was fair, right or anything else. I just said that if it were ringfenced then the rest of the country would be in a heap of trouble. If you can show me any economic studies that say different i'll be happy to retract my statement.
I don't live or cycle in London, so have no vested interest in this.
I wonder how long it will take somebody to blame Thatcher. Or
Wiggle.
And those financial services companies such as banking, insurance, stock broking, etc trade with and on behalf of the rest of the country, and make tax returns in London. Site all the head offices in Franklin and suddenly the IOW will be the place to be. Cut them off from the funds and profits that the rest of the country provide and the picture would not look so rosy.
Sure lots of the financial sector trade and make big (huge) profits on international transactions, and that is all to the good. It makes for good profits for them to pay tax on, we can all benefit. But that doesn't mean that the they exist in isolation. Those taxes need to be spent in an equitable manner across the whole nation. Not as it seems at the moment, spend what we need to keep us high on the hog around here and the rest can have what's left over. ( OK slight exaggeration there)
The financial sector could be sited anywhere, London , Leicester, Manchester or Malton it's just a historical quirk that London is the place they are. If other centres in the world get their way London will be dumped PDQ. Let's hope that isn't so. But don't tell me London is the 'powerhouse' of the whole economy and that the rest of us should be grateful to scratch by on their droppings.
As for Thatcher getting the blame. Not really, it has always been thus. Even in the days when the country was a thriving mass of industrial production, the wealth was created in the provinces and accounted for and spent in the capital.
And you do have a vested interest in this, just like I do, and everyone in the country does. It is our money being spent, disproportionately.
It's no surprise that when an economic downturn arrives it's felt first, and most severely in the regions and lastly, and least in London. When the recovery comes it's the exact reverse. Until the countries resources are spent in a more equitable way the divide will always be there.
Stuff like 'local pay' will only make things even worse.
Don't imagine this is a 'left wing' rant. It isn't.