On Europe

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Another study of Europe’s social model by Bill Jamieson and Patrick Minford has highlighted the main economically harmful features of the European model: higher state spending, higher overall taxes, higher social security contributions – noting particularly the damaging burden this places on business – higher corporate taxes and higher levels of regulation, especially of labour markets. The results have been eminently predictable, but as an example of wilful self-damage no less shocking all the same: ‘The contrast with the United States is stark. Since 1970 the US economy has created almost fifty million new jobs, while the EU has created just five million.’11

EUROPE’S PENSIONS CRISIS

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