It was Gordon Brown's famous pronouncement in 1997 & over 100 times since. It worked until 2002, the economy was doing well and he kept spending under control as chancellor. 25% of the tax the Treasury received in Corporation Tax (the tax companies pay on profits) was from the City of London
After that things started to unravel, public spending increased dramatically partly because of the cost of wars in Iraq & Afghanistan.
In 2007, the economy started to falter and the model started to falter....
Posted by Sean Wilson, APFS, Independent Financial Advisers (IFA), Swindon, Wiltshire.