The impact of the Washington Consensus on UK taxation is easy to identify. Over a period of thirty years top rates of income tax have fallen from 60% to
45%, corporation tax rates will have more than halved, the use of tax havens by UK based multinational corporations is now largely ignored by UK tax law, whilst VAT is at its highest ever rate.
The impact on UK society is also easy to identify. Inequality in the UK has risen. The share of national income paid to labour has fallen; the share to profits has risen.
No, the share to profits has not risen over the past 30 years.
This is simply wrong.
In my opinion, given that he\’s had this pointed out to him often enough, Ritchie is now lying, not being mistaken.