They might not know it yet, and it is likely to pass the rest of us by entirely, but for more than two and half million families, today is a very big day.
Globalisation, inequality, feeble productivity growth, earnings stagnation, the falling labour share of national income — the most important features of economic life. And one institution binds them together: the firm.
"It is time to sort out the taxation of [business} income and ensure that rentiers, partners in professional firms and those set up as business owners are at least taxed on the same basis as the rest of us."
Last week’s proposals on university funding are a rational response to the student loans system but 'they are also highly regressive, hitting low earners and benefiting high earners.'
'We haven’t had to worry much about such things for a long while. For this year at least, we need to. ' Paul Johnson in The Times on the perils of rising inflation.