Adrenalin Now – targeted, popular tax cuts to boost the economy
Given the fragile state of the UK economy, funded tax cuts and deregulation are urgently required to kick-start the economy writes Ryan Bourne in Adrenalin Now – Funded, popular tax cuts to boost the economy, published by the Centre for Policy Studies on Thursday 13 October 2011.
In the report, Bourne:
- notes that if growth is half that forecast by the OBR across this Parliament, the deficit will still be 9% of GDP by 2015
- proposes £14 billion of savings from abolishing the differential rates of pension tax relief for higher rate payers, abolishing contracting out of S2P, cutting international aid to 2010/11 spending and ending the 25% tax-free lump sum entitlement from pensions.
- recommends abolition of the 50p tax rate, and swift cuts to corporation tax, employer NICs and a £500 increase in the personal allowance above the Government’s proposed plans.
Polling undertaken for this report by ComRes shows support for many of these policies. While a majority oppose the abolition of the 50p tax band, when it is accompanied by an increase in the personal allowance, more people than not actually support the proposal.
Telegraph – (front page of the business section)
- Think-tank calls for tax cut to boost economy
- Drop the 50p tax rate to halt unemployment urges think-tank
- Tim Montgomerie: George Osborne has six weeks to save his economic policy
- Ryan Bourne: Targeted tax cuts now would aid growth and would be popular
- Daily Express – Think-tank backs £14bn tax breaks
- BBC Radio Five Live – Morning Report and TUR Radio.
- London Stock Exchange – Economy Needs Funded Tax Cuts, Deregulation -Think Tank
- City AM: UK told to cut taxes on pay and business
- Nasdaq: UK Economy Needs Funded Tax Cuts, Deregulation -Think Tank
- The Scotland – Salmond’s plan MacB is not working
- CA Mag Online: Think-tank calls for tax cut to boost growth
- Proactive Investors UK: UK told to cut taxes on pay and business
- Adv Fn: UK economy needs funded tax cuts and deregulation says think-tank