A cod economist popped in this morning. His latest gambit to solve the fiscal uncertainty would through a double whammy – as it gets to the root core of the problem – solve household indebtedness and get the economy moving.
The theory is that as HMG has taken our money (tax) and wasted it through poor return on investment in education, health and quangos etc, they should give back the last ten years money we’ve paid. On average this would be £80k per household.
With the rider that you have to pay back any debts to the bank (£8k per family) it would solve bank liquidity, household debt and get the government out of paying more as we slip into unemployment and deflation.
Mr Whittington, a member of the Tax Payers Alliance – an organisation that never stops fulminating on public sector government waste – left behind his theory a cold cup of coffee and a idea for a blog.