What new Hunts-Trick can we expect in the Budget?
Tuesday 28th February 2023
By Patrick Bullick
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Sir Kier Starmer (SKS) is now suggesting his Labour party will aim for the UK to be the fastest growing economy in the G7.
Fat (sorry enormous) chance.
He clearly hasn’t a clue how to actually deliver on the pledge, but at least he has spotted the fact a growing economy will increase the tax take and in turn the spending power of the Treasury.
In effect, he is saying Liz Truss (bless) was right (correct)!
This all puts the high tax/high spending strategy of the current incumbents of Downing St, to the left of Labour.
When the respected CEO of one of the UK’s top companies (AstraZeneca), in a sector in which the UK wants to excel (pharmaceuticals), says he is opening a new factory in Ireland (Eire), rather than his preference to invest in the UK, because of ‘discouraging tax rates’ we have to recognise our (Tory) Prime Minister and Chancellor are going horribly wrong.
This country needs Growth. Growth does not come about by driving key businesses overseas with punitive taxes. It comes from creating inward investment.
With the Budget coming up on the 17th March, there is a way for the Conservatives to come to their senses.
It just takes one big announcement to potentially turn things around.
Jeremy -
1. Stand up.
2. Say that ‘things have changed’ since you took over the Treasury.
3. Point out that inflation and interest rates are now on a downward trajectory.
4. Tax receipts are higher than expected.
5. Cost of energy cap has been less than expected.
6. Room to make a significant tax cut aimed at boosting Growth.
7. Announce a Corporation tax reduction to 15% rather than 25.
8. ‘I commend this to the House’.
9. Receive round of applause for finally seeing the light!
And whilst he is at it, he could also acknowledge the bleeding obvious and increase the tax take around property transactions, by dropping the inhibitive CGT and Stamp Duty rates.
Am I wrong?
PB
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