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Hello, and... To claim this offer now, terms apply. Hello and welcome to Reality Check.

Today, I'm absolutely delighted to be joined by probably the world's most famous economist, Arfer, Laffer.

He's here in the UK to launch his new book, Prosperity, Through Growth.

Arthur, thanks very much for joining Reality Check. It's an absolute honour to have you on. Now,

the vast majority of our viewers and listeners will be well aware of who you are and what the

Laffer curve is.

But I wonder if you could, for those who don't, explain it and how it came about.

Yeah, well, the Laffer Curve is the relationship between tax rates and total tax revenues.

That's what it is.

There's a lot of stuff going on in the middle.

But very simply, if you think of it in terms

of incentives, if you have zero tax, you're not going to collect any tax revenues. No matter how good

income is, you're not going to collect any revenues. And if at 100% tax rates, so if every time you

go to the office instead of getting a check, you got a bill, you'd quit working pretty soon.

And again, at that rate,

...