Justin is too frivolous and is a symptom of why we are where we are. He makes his money from the financial service industry and many things he suggests are not built on logic or a need for sustainable investment but on what would increase the profiteering of people in the finance industry at the expense of the investors. Take for example his suggestion that stamp duty should be abolished. The likelihood is that subsequent house price inflation would simply eat more of the house buyers money when they make their purchase. It is not a pointless tax – it is a sensible control on house price inflation which is already too high.
As for Justin's idea that public sector spending is too high, he is right to an extent and the government are dealing with this. However, he makes no mention of the far more detrimental effect of the banking sector and financial services industry in particular. Justin, along with many others, blew the Tech Boom bubble, the House Price bubble more than most – just consider his assertion that the collapsing Marconi was a great investment and would come good or even in this present podcast the idea that there is no bubble in London property.
I am afraid that Justin has good ideas in this podcast but they were lost in translation as David and he were far too frivolous and condescending to policy makers who are simply trying to clear up the mess made by the financial services, banking and investment industries over the last few years. A bit more humility and less banter would be more appropriate.