ECONOMY – PERSONAL
Our economy needs Reform, to become high growth, with high wages, and lower taxes. We must make work pay.
Smart tax cuts create growth and pay for themselves. That means more money to invest in reformed public services. It is called the multiplier factor. Instead, the government has hit us with the highest tax burden in 70 years. Record debt, record borrowing and record waste. For too many work no longer pays whilst the cost of living crisis rages.
Britain produces world class business leaders, innovators, industrialists, scientists and a huge small business sector. We must get the government out of their way. We must trust the British people to build a thriving economy.
Critical reforms needed in the first 100 days:
Make Work Pay. Lift the Income Tax Start Point to £20,000 Per Year.
This frees up to 7 million people from paying income tax and saves every worker almost £1,500 per year. This will help many back into work and escape the benefits trap. Basic Tax rate stays at 20%. The higher rate should begin at £70,000.
Cut Energy Taxes and Beat the Cost of Living Crisis.
Save households over £500 per year. Scrap VAT on energy bills. Lower fuel duty by 20p per litre. Scrap environmental levies.
Cut Residential Stamp Duty.
Substantially boost economic activity and housebuilding by cutting Stamp Duty to 0% below £750k; 2% from £750k – £1.5m; 4% over £1.5m.
Abolish the VAT Tourist Tax.
The government has cost our economy over £10 billion when they stopped the VAT refund scheme for tourist shopping. This also deterred up to 2 million tourists.
Abolish the Grief Tax, IHT, for all Estates under £2m.
That means some 98% of all estates.
The rate above £2m will be 20% tax, with the option to donate to charity instead.
Economy – Personal Pledges Costs = £70 billion pa
This proposed contract is deliberately issued as a working draft. We welcome your comments, challenges and queries. The contract will be finalised later in the year. This is what happens in business, and the nation should be run like a lean, efficient business with motivated employees and happy customers. Please email comments to:
ECONOMY – BUSINESS
Reform is urgently needed to enjoy a high growth, high wage, low tax economy that is critical for Britain’s future. This cannot be emphasised enough. Smart tax cuts create growth and pay for themselves year after year. That means more money to invest in reformed public services. The Multiplier Factor.
British businesses are under huge pressure from high rates, high taxes, red tape, energy costs, skills shortages and a government that doesn’t listen. Our high streets are blighted by empty properties. Business talent is moving abroad. Reform UK will back risk takers and wealth creators. We will make sure that Britain is open for business.
Critical reforms needed in the first 100 days:
Free Over 1.2 Million Small and Medium Sized Businesses from Corporation Tax.
Lift the minimum profit threshold to £100k. Reduce the main Corporation Tax Rate from 25% to 20%, then to 15% from year 5.
Abolish IR35 Rules to Support Sole Traders.
Britain’s self-employed often work longer hours and take more risks. Many have no pension and receive no sick pay.
Lift the VAT Threshold to £120,000.
Free up small entrepreneurs from red tape.
Thereafter:
Support Small and Medium Sized Enterprises.
SMEs represent over 95% of UK business and two thirds of all employment. Abolish Business Rates for High Street Based Small & Medium Firms. Offset this with Online Delivery Tax at 4% for large, multinational enterprises to create a fairer playing field for high streets. Cut entrepreneur’s tax relief to 5%. SME Enterprise Zones for left-behind Areas with a period of zero tax for new or existing businesses that are creating jobs.
Reform the Planning System.
Fast track new housing on brownfield sites and infrastructure projects to boost businesses, especially in the North and in coastal regeneration areas.
Slash Business Red Tape. The Brexit Bonus.
Scrap thousands of laws that hold back British business and damage productivity, including employment laws that make it riskier to hire people.
Reform the Tax System.
Major simplification is needed. At over 21,000 pages, the UK’s tax code is a burden. Hong Kong’s tax code is under 500 pages.
Economy – Business Pledges Costs = £18 billion pa
This proposed contract is deliberately issued as a working draft. We welcome your comments, challenges and queries. The contract will be finalised later in the year. This is what happens in business, and the nation should be run like a lean, efficient business with motivated employees and happy customers. Please email comments to:
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