Stop Buggering-up Brexit. Drop taxes and Build, Build, Build.
Friday 26th January 2024
Even the most vehement Remainers recognise there are some opportunities that come from not being in the EU.
Yet this ‘Tory’ government has so far done everything it can to avoid taking advantage of them.
From day one, we should have been tweaking our taxes to encourage enterprise and inward investment.
But no, no, no.
We now have an EU-equalling 25% Corporation Tax (up from 19%) which in the very short term may create an increased tax take – from businesses caught in the trap but longer term makes the us uncompetitive.
Why would a business invest in the UK when in, English-speaking, Ireland they could pay 12.5% Corporation Tax, perhaps 15% if the activity is covered by the new OECD minimum tax rule.
Another example of Treasury idiocy is the post-Brexit removal of the ability for international visitors to reclaim VAT on purchases made in the UK. The EU maintains this enticement to travellers, so London is losing huge numbers of tourists with all the value they bring to Paris, Rome and Madrid.
The Chancellor and Prime Minister seem to be spinning that they will reduce taxes in the upcoming Budget, and there may be a further ‘fiscal event’ before the election in the autumn, allowing more. Good.
Our country desperately needs infrastructure and housebuilding investment, and Labour seem to be talking about unblocking the planning logjams from which we suffer. The Conservatives having been utterly useless at this. They must stop mucking about with ill thought-out, anti-landlord directed legislation and focus on building for our future.
Our freedom from EU financing rules allows innovative investment from pension funds requiring long term returns, we need to take advantage of those freedoms.
Until next time….
PB
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