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Ahead of the Budget Statement on 11th March, John Baron MP has written to the Chancellor of the Exchequer, Rt Hon Rishi Sunak MP, with his suggestions for inclusion in the Budget measures. John has suggested lowering both personal and business taxes, in order to increase the tax take via the Laffer Curve, as well as investing in infrastructure and lowering immigration to increase staff training and wages.
John Baron said,
“A key economic policy challenge for the Government is to find the sweet spot on the Laffer Curve where an optimum tax rate maximises the tax take over time. President Trump’s tax reforms have illustrated this well. The tax-free Personal Allowance should increase still further, which will help the lowest-paid, and small businesses, which employ the majority of the workforce, should be exempted from corporation tax.
“In addition, the narrowing of the labour pool when the new immigration system kicks in should encourage firms to increase wages and invest in greater staff training. This, together with automation, will also help to improve our productivity levels.
“Finally, the Chancellor should be unafraid to take advantage of historically low interest rates and take on a manageable amount of debt to fund infrastructure improvements. A particular focus should be to bring regional railways up to standard, which will bring greater returns than big-ticket projects like HS2.
“Taken together, these measures could make for a ‘golden decade’ for the British economy. I look forward to hearing the Chancellor’s Statement next week.”
Image: UK Parliament
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