So would we have been better off without NHS, council housing and other public spending ventures?
Of course not - I didn't say or infer that.
You said after WW2 'the economy was booming'. It very clearly wasn't, and I made the point that the country was bankrupt and spending money that it didn't have, rather than creating wealth to help fund such activities by productive revenue-earning activities in goods and services. As I said earlier, Britain didn't pay off its loans at the end of WW2 to America and Canada until 2006.
It will be interesting to see how Labour manages to fulfil all its pledges and promises and meet the raised expectations of the electorate, one of which is Rachel Reeve's promise not to increased Income Tax or N.I. I guess they'll do as the Tories have done. Freeze the threshold at which 'hard working families' start to pay tax.
The 40% tax bracket is the 'higher rate' income tax band for those who earn
between £50,271 - £125,140. There are four rates for income tax, starting with the personal allowance, and then moving on to the basic rate, higher rate, and the additional rate. Your Personal Allowance goes down by £1 for every £2 that your
adjusted net income is above £100,000. This means your allowance is zero if your income is £125,140 or above.
Worth bearing in mind that whatever level of income tax you pay, when you come to spend it on goods and services, most will carry 20% VAT, so for every £100 you earn, apart from income tax, you'll pay 20% tax on spending what you're left with.
I think we should fasten our seatbelts and brace ourselves for a bumpy ride.