The trouble is that political expediency can take you down dangerous routes when it comes to raising taxes. Much was made of Labours desire to increase taxes on the rich. The fact that the vast majority of its proposed tax rises would actually come from companies and by no means only through reversing cuts in corporation tax came in for rather less scrutiny. What these ways of raising tax have in common is that they appear to leave most voters unaffected. That is a false impression. In the end taxes on companies have to be paid by people through higher prices, lower wages or less valuable investments, including those held in the pensions of private sector workers. Thats a simple statement of logic. Big and poorly designed increases can also hit investment, and hence have big negative consequences for wages in the longer term.
What really worries me, though, is not the detailed arguments over this tax policy versus that, its the sense that we seem increasingly to inhabit a world in which we really think we can, in Boris Johnsons words, have our cake and eat it. It is delusional to believe that we can have a permanent increase in public spending without having to pay for it. If only policymaking were so easy. Im afraid that here as in all contentious areas of politics there are trade-offs. We need to grow up and recognise them or we will find that the cake we hoped to enjoy just got a whole lot smaller.