For the most part, capital in offshore centres is invested, fetching rates of return far in excess of the value that most government expenditure can generate.
This will mean that the Party must enter uncomfortable territory and embrace taxes on wealth and inheritance.
After leaving the EU, we must ensure we are well-positioned in terms of regulation, taxation, immigration and – crucially – foreign languages.
There’s a place for having a go at Corbyn – how could we not when so much of what he says is so indefensible? – but it has to be combined with our plan for a better life.
Targeting stamp duty and tuition fees could be less effective than technical education and the right industrial policy.
This proposal already has considerable support from institutions, including the Yorkshire Building Society, who have published research into the benefits this change would bring.
Mercifully, there remain a few Thatcherites, even in the Cabinet, who believe in the power of liberty, responsibility, commerce and voluntary action.
His sedulously-crafted speech wasn’t so much a crowd-pleaser as a big argument about Britain, Brexit – and the future.
Employment, taxation, and three environment are three areas where we can show the Tory agenda is bigger than Brexit.
Whatever you think about the various political successes and failures of the past years, it is sobering for Conservatives to recognise that their party’s unrest could lead to Corbyn in charge.
Conservative values underpin what it can achieve – whether in apprenticeships, manufacturing exports, jobs or contributions to good causes.
Britain could flourish under the minimalist WTO-type settlement that seems to be his bottom line. But it is not the optimal outcome, and threatens a significant downside.
The Social Market Foundation isn’t tied to any party. We’re centrists – our advice and ideas on offer to anyone who wants to put common sense ahead of ideology.