The Office For Budget Irresponsibility

Road To Somewhere Else

By Daniel Margrain

 Philip HammondBudget giveaway: Philip Hammond’s National Insurance rises have provoked a furious reaction in the Tory grassrootsCREDIT: AP

The economic growth model is like a cult that is fetishized by governments’ as if it were a religion. With the aid of mass advertising campaigns, the latest consumption-profit driven craze involves attempts by giant corporations to persuade the British people to purchase new cars, on credit, at ever increasing rates.

The moment these cars leave the showroom they depreciate in value by at least a third. This means that the buyer is in a position where he/she has to service the debt of a rapidly depreciating commodity. In other words, advertisers in a deregulated market, overseen by a Tory government, are encouraging people to spend on depreciating luxury goods like cars they don’t need with money they haven’t got.

As a consequence people whose incomes have largely remained…

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