Everyone agrees we need economic growth, but we cannot agree on how it can be achieved. There are two fundamental approaches the government can take.
The first is through more public spending, which would put the country into even more debt. In the short term, while interest rates are low, the problems of this are not so severe, but the long term impacts are a different story.
The other option is to stimulate the private sector with lower taxes and eliminate red tape. However, deregulation takes time to implement whereas the positive effects of reducing business taxes are immediate. The best and most immediate action the government could take to put a proverbial rocket up our economy is to scrap corporation tax in its entirety.
Lance Forman, Vice Chairman of the Independent Business Network (IBN) sets out 10 reasons why the Government should scrap corporation tax:
If a company … Read the rest...