The Irish move to a very low corporation tax has generated very significant revenue growth, considerably in excess of Britain's, where a slower economy has been combined with a number of stealth taxes.
John RedwoodThe UK downgrade will come as little surprise to many. It does not appear to be occurring because the UK is cutting its deficit too far and too fast.
John RedwoodThe Prime Minister in the UK thinks spending and borrowing more is the right thing to do in the circumstances, and is busily trying to bail out chunks of the private sector which would otherwise have to adjust more quickly to the painful reality that we have been living beyond our means.
John Redwood