Giles Wilkes, who was a special adviser to Vince Cable and chief economist at CentreForum, is now a leader writer at the Financial Times (which usually charges an online subscription). One of his recent editorials has been transferred to the free blog section so we are able to bring it to you.
Labour should be wary of giving credence to a very suspect number.
The £93bn figure now routinely used to evaluate the scale of “corporate welfare” in Britain is badly misleading. If the Labour Party is to re-establish its economic credibility, it needs to give the number a very wide berth.
First of all, the very concept of “corporate welfare” is tricky and question-begging. When applied to individuals, welfare is easy to understand – it means payments from the state provided on the basis of need.