As vaccines are verified and lockdowns lifted, it is worth reminding ourselves of the financial reality on the other side as we compute the cost of Corona and how on earth we go about paying it off. Make no mistake, the burden of debt will be with us for a generation and will influence political and economic policy for years.
Cutting tax is the only sustainable route to economic growth and the only way to begin to earn the money with which to pay off the debt argues Tim Pope in this week's Brexit Watch.
"Our Chancellor would do well to consider whether the expenditure programmes he proposes to stimulate our economy and create jobs would be better directed to tax cuts to stimulate the private sector to do the work. Past experience tells us this is the more successful and sustainable route. Tax reductions in the past have led to increases in the tax collected because of growth and a reduction in tax avoidance and evasion."
"A reset in our approach to our supply chains and our dependencies on others is [also] long overdue." Bringing back productive capacity to this country and reviving our regions is central to that strategy and part of our own core mission statement.
"To do this, the private sector must have the capital and risk appetite to embark on this new direction and chase it down to a successful end. Our Chancellor can hasten this by creating a tax environment to encourage it. Along with the opportunities of Brexit, we have a golden opportunity. Even better if we can get alliances and common policies with other like-minded nations."
Here is the article in full and a link to the original beneath it:
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