It might have been offset for us if the revenue from our own oil and natural gas that was just developing had been available to the Labor Government, but the oil revenues were just coming in when Labor fell in '79. ↗
The three main political parties all agree the UK deficit is high and needs to be brought down. All agree that it is easier to get a deficit down if you have faster growth, cutting unemployment-related costs and raising revenues. ↗
Every time in this century we've lowered the tax rates across the board, on employment, on saving, investment and risk-taking in this economy, revenues went up, not down. ↗
But if you look at teams that want to share more revenues, they're teams that don't have a lot on the table. They've long since not had any serious investment in their team. ↗