By Max Jewell
Similarly, the reduction in corporation tax should remove the burdens that are pressing upon the strings of British industry. An exorbitant corporation tax is deleterious to the British economy, too high and investment and employment will suffer. Osbourne’s corporation tax reduction is totally copacetic. Equally, it is about time the archaic Sunday trading laws were repealed or, temporarily at least, relaxed. Miss Bazley’s concern about ‘no new funds [being] made available for green energy production’ (See response below) is somewhat incongruous during a debate about economics. The performance of the UK economy is of far greater importance than some spurious hypothesis about anthropogenic global warming. In a world where the increase in the cost of oil has a major impact upon UK macroeconomic performance the £3bn new oil field allowance to open up fields west of Shetland Islands is an excellent idea.
The budget is a move in the right direction. Over the course of the year Osbourne should look to further decrease taxation, moving towards a regressive, flat rate of income tax and a reduction in the untempered prolificacy that is expenditure on the NHS.
1 Stars warn of exodus from Britain over 50p tax rate as Treasury admits 69% of the wealthy will evade it: https://pgsmail.pgs.org.uk/owa/redir.aspx?C=f1427b3f8bce4cd7879a8ea020f4a3ed&URL=http%3a%2f%2fwww.dailymail.co.uk%2fnews%2farticle-1173792%2fStars-warn-exodus-Britain-50p-tax-rate-Treasury-admits-69-wealthy-evade-it.html