The Centre for Policy Studies wants Britain to have a tax system that is simple, fair, and pro-growth. And although there have been some encouraging moves on tax policy in recent years – the corporation tax rate has gone down, the personal allowance has gone up, and savers have benefited from more generous ISAs – there is still a lot of work to be done.
We have an income tax system that is riddled with punitive marginal rates and perverse incentives that discourage work and enterprise. We have heavy property taxes that distort markets and contribute to a growing housing crisis. And we tax businesses in a way that does little to promote long-term investment. Above all, we have a tax burden that stands at its highest level in decades, and a tax code that is – at least by some measures – the longest in the world.
If we’re going to rise to the economic challenges of the 21st Century, this has to change. We need tax reform that puts more money in people’s pockets, and promotes robust, sustainable growth. At the Centre for Policy Studies, our aim is to design tax policies that meet these objectives in a practical, popular way – and which are rooted in our core principles of enterprise, opportunity, and ownership.
Our economic agenda is not confined to tax reform, however. Alongside projects looking at housing, welfare, and business policy, the Centre for Policy Studies is working on ideas to lower the cost of living – not through heavy-handed state intervention, but with reforms that make markets more competitive and ensure that consumer interests always come first.
The salience of this issue should not be underestimated. Our “New Generation” polling asked people what government could do to make their own lives better, and across the age spectrum, “do more to keep down the cost of living” was a clear winner. Those aged 18–24 ranked it just behind “more affordable housing”, and those over 65 put it second behind “better health service provision”. But every other age group made lower living costs their number one priority.
Finding realistic ways to make British life more affordable is therefore a central focus of the Centre for Policy Studies’ work.
Major new report by Sajid Javid MP and Centre for Policy Studies sets out a vision for economic recovery after the pandemic. Report stresses vital importance of Bank of England independence but argues that the Government and the Bank should consider a shift in its remit from targeting inflation to nominal GDP, in order to better deliver sustained growth.
New Centre for Policy Studies ‘cost of coronavirus’ counter estimates a total direct and indirect cost to Government this year of £246 billion. This could bring total borrowing this year to approximately £300 billion. This total figure is roughly equivalent to double the UK’s current level of healthcare spending – in other words, enough to fund the NHS twice over
A new paper from the Centre for Policy Studies calls for the introduction of a Carbon Border Tax on carbon-intensive imports to reduce global emissions and better support domestic industries.
‘Changing Gear: A Growth Budget to Boost the British Economy’, authored by The Rt Hon Priti Patel MP, explains how and why the British economy urgently needs a Budget for Growth to kick start a boost to the British economy.
‘Think Small’ is a new report which looks to make life a lot easier for small companies. It is authored by Nick King, Head of Business at the Centre for Policy Studies. The report calls for the Government to adopt an emblematic policy to champion small and family businesses: the Simple Consolidated Tax.
The British Government and the EU insist they do not want a “no-deal” Brexit, yet it remains a possibility. That is why we have set out measures the Chancellor should consider in a no-deal scenario.
Businesses and employers can and should do more to help close Britain’s productivity gap. Guy Opperman MP suggests Britain businesses should follow the example of US firms who found high employee engagement was reflected in at least a 20% boost to productivity and profitability.
‘Make Work Pay’ puts forward major proposals to reshape the tax system around a simple principle: to make work pay. One key proposal is to raising National Insurance threshold to create a universal working income, free of income tax and National Insurance.
Small and medium businesses are the lifeblood of the British economy but many fail to scale up because they are reluctant to take on the borrowing they need due to a lack of trust in big banks.
Robert Colvile and Daniel Mahoney warn Philip Hammond not let recent economic figures tempt him into ending austerity, the Chancellor has no room for complacency.
Labour’s nationalisation agenda could cost the government £176bn, or £6,500 for every household, concludes research by the Centre for Policy Studies.
Rishi Sunak MP calls for the Government to back the creation of a new exchange for SME bonds aimed at everyday savers.
Many on the left of British politics celebrate Chavez’s reforms and say Venezuela offers “a better way of doing things”. This report shows that there is no excuse for Venezuela’s defenders: the evidence is clear, the reforms were damaging
Proposals to help ordinary working families that won’t break the bank for the Chancellor
The Bank of England must stop ‘depending on kindness of strangers’ to bolster the UK economy.