The Black Economy: Regulation is the Cause Not the Cure - Daniel Hannan MEP

“Again, we are attacking the symptom rather than the underlying disease. Why is it that people are pushed into the black economy? Because the regulated economy is over-regulated.” Daniel Hannan MEP. European Parliament, February 29^th 2016.

 Source: Patriotic Populist YouTube channel.

Transcript:

Again, we are attacking the symptom rather than the underlying disease. Why is it that people are pushed into the black economy? Because the regulated economy is over-regulated. Taxes are too-high. Working conditions are uncongenial. And it therefore pays people to take their work elsewhere. The solution is not yet more of the medicine that caused the disease in the first place. If we have a problem caused by excessive state intervention, we are not going to solve it with yet more state intervention. We could have more and more inspectors and licenses and clacks trying to police a system with a dwindling tax revenue, caused by the black economy, but we are simply going to be exacerbating the problem. What's the real answer? Lower, flatter, simpler taxes. So that people are not driven in to the black economy in the first place.