Destroying businesses through high taxation is not the answer. Lowering taxes to attract more foreign investment creates more jobs, more wealth, less burden on the welfare budget, more spending resulting in increased VAT, PAYE and corporation tax revenues etc.
When you hike up taxes, businesses move away and people get laid off. Business pays for everything and a conservative government should be supporting the lower taxation approach which is traditionally what conservatism is all about. Sunak just came up with a corporation tax figure that is even higher than Corbyn marxist manifesto.
Increasing the tax take by boosting the economy might well be seen as the better option: increase public spending on major and infastructure projects, increase housebuilding etc. etc. and there’s more money flowing into the coffers as a direct consequence.
Such reasoning is, I understand, potentially a popular option.
And we certainly know that austerity is neither popular nor effective.
With interest rates so low we can pay back the borrowed money over a longer period - Andrew Bailey has recommended this and he knows a thing or two about money
So, if I was chancellor, I would
Bin IR35 completely
Lower corporation tax to 16% - lower than Singapore
Keep VAT at 20% (adding an additional 5% VAT revenue to the UK instead of it going to the EU)
Increase the personal tax allowance to 14K
Implement a “dividend premium” of 1% for all dividends over £50K which would be used as a NI contribution for directors of limited companies and investors
Increase the £5K dividend tax threshold to £7.5K
Help entrepreneurs by making the first £100k tax free on Business Asset Disposal Relief.
Retain the covid stamp duty tax relief on properties up to £350K
Get rid of inheritance tax - its property that has been bought through taxable income in the first place.
Bin HS2
Cull the civil service
Keep VAT at 5% for restaurants and pubs until 2022
“We have introduced a transitional period of five-and-a-half-year of stabilized access by the British to our market.After that, every year we will discuss their access to our electricity market with them, just as they will discuss the access of our fishermen to their waters."
Are we to continually have these thinly veiled threats hanging over the annual negotiations with the EU , it’s time for U.K. fishermen to come together as one voice and fight for their industry it’s quite clear now that the establishment political parties are not interested in the U.K. fishing industry
But we all know that Barmy (who made the threat) is an @rse - for a start we imported little electricity even before the pandemic reduced overall demand (5% according to energypost.eu) and although we import more gas at around 20%, by far most of that comes from Norway and Qatar!
Still, if we know the EU’s intent we can plan countermeasures.
Yeah I know JBR. Problem is we import more of our fish such as cod etc than we catch. If we were to do that then we would need to give more cod quotas to the UK fleet and take it away from the EU fleet … can’t do it though.
I would also like to know why Boris Johnson hasn’t debated two petitions that the public have signed.
Ban Supertrawlers in UK’s Marine Protected Areas with signatures of 385,188
We are bound by a treaty where we allow the EU to have preferential quotas over our own fleet for at least 5.5 years. After that it will most likely continue as well.
It’s an utter disgrace.
We have 4500 fishing vessels and they are no better off even though we are out if the EU. We should tear up this deal and reallocate quotas favouring the UK fleet, based on zonal attachment and increasing our conservation areas. Forced landings if 60% of all catch in a uk port should go along way to screw the supertrawlers as well.
[SIZE=“4”]Brexit LIVE: Boris masterminds brilliant loophole to get around infuriating EU rules[/SIZE]
Funny how allowing others to fish our seas mostly for fish we don’t eat here is supposedly a disgrace but trying to cheat the country out of revenue by buying overseas isn’t and wanting a deal to save some dosh in tariffs on a new car isn’t!
What a shame such whingers only care about fish and not about British retailers or workers.
Why are you so bothered about fishermen but you don’t care about British workers building cars and only want to avoid EU food products?
The UK’s entire fishing industry including processing employs 24,000 people.
Our auto industry however employs 180,000 directly and over 850,000 in the wider industry.
Why don’t you care about them too?
Because the car industry has nothing to do with sovereignty
Zaphod !!
Where as fishing grounds are ALL about sovereignty ?
You keep bringing up the size of our fishing industry as a reason to
let it rot, the reason it is small is because people like you allowed
the EU to systematically take over 80% of it for their own use ?
If you can’t see the potential of controlling our own assets for our
benefit then l can only say that you lack imagination. ??
I think Boris has shafted us, he had no intention of standing up for
fishing although he was elected on that mandate !!
In fact he has moved it further away, by at least 5yrs now and the EU
talk is now that when that time is up fishing rights will be tied to
energ supplies, in other words, NEVER !!
Rubbish.
Our seas are ours just like the land you walk on.
And just like that land, some of it has access by foreigners, as with our car industry which is mostly foreign-owned but at least employs British people.
So what?
Much of our industry is foreign-owned.
So basically you think that jobs because of cars isn’t sovereignty but jobs because of fishing is?
Ah! I see from your quote that ‘he’ is accusing me of buying a German car.
It’s true. Three years ago I bought a German car. Next week I shall be buying another one, simply because Marge and I like the one we bought three years ago.
If we British made a car of similar (or superior) type, I assure you I’d buy one of those.
Unfortunately, the ones I have seen are inferior to ours and, unless I’m mistaken, are at least partially assembled from parts supplied by the EU countries anyway.
And yes, you are perfectly correct, DM. German cars are nothing to do with our sovereignty.
Also, I have said before that I have nothing against the Germans. In fact I respect them and I like them, especially the ones I have met personally on our travels to Germany.
I would trust the Germans as I don’t see them as people who would stab you in the back, unlike the Frogs who I wouldn’t trust as far as I could see them.
After asking others to avoid EU-sourced food you have still as usual completely missed the point.
In order to buy your car - and for countless others to do the same - without incurring significant import tariffs, this country reached a deal with the EU.
Not just on cars of course, but with a multitude of other things too.
You and a few others would rather see all those jobs potentially disappear because of (basically) avarice and a failure to comprehend that life is about give and take, and instead witter on about fisherman fishing in UK waters.
Simply: you cannot have it all.
Not in life and not with Brexit.
*BTW - the Nissan Qashqai is an admirable British-made equivalent to the Golf as is the Toyota Corolla.
But we are all allowed a choice.
I just wish some people would remember that there are consequences to having such a choice.