Tax and cost of living

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.

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33 - 48 of 245 Research articles

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Rishi Sunak MP - Economy

Brexit provides a new trade opportunity for Britain: the creation of Free Ports, writes Rishi Sunak MP.

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Rachel Kelly - Tax

New proposals to address tax avoidance by multi-national corporations could, unintentionally, delay or cancel much-needed UK infrastructure and real estate development.

The City Boys are Here to Stay

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The UK’s strengths will mean that London continues to be Europe’s leading financial services centre.

Scotland: Could it become Greece without the sun?

Daniel Mahoney - Economy

Scottish independence would entail significant economic risk. Scotland’s budget deficit is currently over three times higher than the UK average as a % of GDP.

The Great Overtake

Daniel Mahoney - Economy

The OECD forecasts that the UK’s GDP is expected to surpass Germany in the mid 2030s.

How to Sell the Family Silver: Ignore the Banks

John Chown - Economy

John Chown explains how the Government can fairly and efficiently sell the remaining bank shares without losing millions of pounds in the process.

Are the doommongers right about the UK economy?

Daniel Mahoney - Economy

Which is the greater economic risk: an impending recession or missing borrowing forecasts?

A new, simple, revenue neutral tax code

David Martin - Tax

The complexity of the tax code is increasing rapidly, doubling in length since 2005. The Government must introduce a new, simplified tax code for business.

The Abolition of Deposit Insurance

Andreas Wesemann - Economy

Andreas Wesemann argues that the government must stop insuring bank deposits � a practice that has only resulted in an increase in the probability and severity of banking crises.

No Time for Complacency on UK Economy

Daniel Mahoney - Economy

There has been success in the UK in reducing unemployment and public sector share of economy since 2010. But the country’s record current account deficit of 5.1% of GDP poses threat to its continuedeconomic recovery.

Tax credit reform should focus on one issue: the marginal rate

Tim Knox - Tax

The Chancellor should remove the huge barrier to the low paid being rewarded for taking on more work.

Not out of the woods yet

Tim Knox - Economy

With the Spending Review looming, the Government should use the opportunity to implement further supply side reforms and deficit reduction measures to ensure that UK economic growth and labour market performance remain strong.

Corbynomics: A Path to Penury

Adam Memon - Economy

Corbynomics is based on the false premise that Britain is a free market nirvana. Britain needs much deeper pro-market reforms not a return to nationalisation.

The Enterprise Right to Buy

Tim Knox - Economy

The Government should extend Right to Buy to commercial tenants. This could increase development and help reduce the deficit.

How to Privatise the High Street

Dominic Nutt - Economy

The Government should enhance Business Improvement Districts and support locally-lead regeneration of Britain’s streets.

A First Steps Budget

Tim Knox - Economy

“For spoilers ahead of the Autumn Statement later this year, you could do worse than to look at anything coming out from the Centre for Policy Studies”

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33 - 48 of 245 Research articles