The Centre for Policy Studies has been pushing for a raise in the income tax allowance. Vivienne Russell, Public Finance reported in her article on this policy proposal.
“The chancellor should focus public spending on areas that stimulate growth while cutting taxes and red tape, the Centre for Policy Studies has urged.
In advance of the March 21 Budget, the centre-Right think-tank has set out the measures it believes George Osborne should take to reduce the deficit.
The CPS says the UK is over-taxed and over-regulated. It is calling for the income tax personal allowance to be raised to £9,000 this year and £10,000 next year and for the main rate of corporation tax to be cut to 20% 2012/13 (from 25%) with the intention of further cuts in the years ahead.
This links in with a series of recommendations for business deregulation, which include the suspension of the minimum wage for workers aged under 21 working for small businesses and ‘no-fault’ dismissal for underperforming employees.”
The article is formed from the 2012 Budget: 21 Policies for Growth and Wealth Creation by Ryan Bourne, Head of Economic Research, and Tim Knox, Director of the Centre for Policy Studies.
Click here to view the full article
Date Added: Wednesday 14th March 2012