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Reference:
2011/1567
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Question by:
Len Duvall OBE
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Meeting date:
18 May 2011
In answer to Question No: 384/2011 you stated that 'because of the progressivity of the tax system, tax revenues would be lower if incomes were more equal and London's tax export to the rest of the UK economy would be correspondingly smaller'. In Freefall: Free markets and the sinking of the global economy, Joseph Stiglitz contradicts this view, stating that 'for ... [pre crash] ... consumption to be restored on a sustainable basis, there would have to be a large redistribution of income, from those at the top who can afford to save, to those below who spend every penny...