We hoped that last week's election would result in a Conservative majority in the UK. We are pleased that it did. We now know that the new pensions freedoms will stay with us; that the welfare system and in particular the tax credit system will continue to be reformed; that there will be no mansion tax, no rent controls and no rises to the top rate of income tax or to national insurance; and that the margins of private companies are no longer at risk of being determined by the whims of public-sector staff.
We were also pleased to see numbers out this week showing wages and employment rising again. As Roger Bootle notes in my interview with him, the UK looks to be in a perfectly "reasonable position".
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