Growth isn’t an option
At a lunch to celebrate the 125th anniversary of the Scottish Investment Trust a few weeks ago I sat next to a man who noted in passing that the core problem with those on the political left in Britain is that they have far too much faith in capitalism.
They appear to be convinced that however much you tax it, regulate it, criticise it and generally interfere with it, it will continue to churn out the cash you think you need to finance big government. It is a theme Janet Daley picked up in The Sunday Telegraph this week. The idea of European co-operation was not doomed from the start, she says. It is true that continent-wide unity was never going to be easy – “the ancient hatreds and unforgivable sins of the past” were always bound to cause frictions along the way.
However, “what has made the system unworkable is the insistence that the EU be a vehicle for democratic socialism”. The impossible dream? Not unity, but “unfeasibly enormous social security and entitlement promises made on the basis that the free market would always provide”.
• Read the full editor’s letter here: Growth isn’t an option.