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.