Subject: Re: o/t, debtors and creditors,
Net profits have risen faster than sales or GVA lately as interest and taxes have become smaller relative to the value-added pie.

Net profits have risen much more previously in the periods 1960 to 1965,1985 to 1997, and 2002 to 2007 than the recent rise. There is so much variation in net profits compared to revenue it appears to be more than variation in tax rates and interest rates.

Aussi