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10 policies for UK economic growth

Conservative MP for Dover and Deal Charlie Elphicke has set out 10 policies he wants to see introduced in the Budget to boost growth.

In a report for the Centre for Policy studies, released this morning, Elphicke (pictured) suggests a number of tax and regulatory reforms aimed at providing economic stimulus to the private sector.

He says: “If Britain grows faster, there will be more jobs and money for all. We need a Government unashamedly, pro-business, pro-jobs and pro-money. More inward investment, more help for small business and breaking down the barriers to growth will help put Britain back in the fast lane.”

For supporting larger businesses he suggests:

  • Reducing the main rate of corporation tax to 19 per cent;
  • Abolishing stamp duty on share transactions;
  • Making changes so the UK becomes the corporate headquarter centre of Europe, including a tax rule to say foreign profits or interest payments brought into the UK by subsidiary business will not be taxed or deemed to be brought into the UK and taxed if held overseas.

For smaller businesses he suggests:

  • Reforming UK trade and investment to enable SMEs to expand overseas more rapidly;
  • Floating the smaller businesses growth fund on the London Stock Exchange;
  • Lower capital gains for business assets or expansion of entrepreneur’s relief;
  • Expanding specific reliefs for entrepreneurs and small business investors

The changes he recommends for regulatory reform are:

  • The extension of the new enterprise allowance; 
  • The creation of transition enterprise zones;
  • Less stringent employment law, including capping maximum compensation claims at the level of average earnings.

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. That’s it? It makes no attempt to solve the liquidity crisis in the ecnonomy.

    How about nationalising the banks, controlling the money supply, abolishing employers national insurance and creating a national income of £12K tax free for all UK citizens?

    http://www.letsbuildabetterway.com

  2. Robert are you an alien from another dimension??!!

  3. Forget big business that wont solve the unemployment problem . The budget needs to ‘love bomb’ the SME sector. Much needed reform of labour laws for small business would help too. The on cost of redundancy deters employers from doing this until it is too late and the company folds anyway leaving the taxpayer to pick up the bill.

  4. The way forward should have been adopted over a year ago: dead-head the banks that are publicly owned. That is, sack the boards, those in the number one seats. You must set a dog to eat a dog as those in the number two seats cannot move up until the number one seats are vacated. This would have achieved three important tasks in one fell swoop: (1) justice seen to be done; (2) encourage the new senior incumbents to behave with at least some semblance of decency towards society; and (3) stop this vile blackmail last heard from HSBC (does that stand for Have Some Blank Cheques? It doesn’t stand for much that’s decent when it cries) – “If you tax us we’ll leave your jurisdiction”. Alas and alack, of course. Politicians of all persuasions and hues sheer away from any action which might damage their chances of a thundering great income when they leave lording it over the rest of humanity. You see, they worship money. Just like the head of Goldman Sachs (what an apposite name that is) said, “We are doing God’s Work.”
    If you believe that, you’ll believe anything, whoever “you” happen to be.

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