Social institutions must be supported to reduce the structural dependence on the state, argues SuellaBraverman, the attorney-general and Conservative Party leadership candidate, in a guest essay
derided Britain as a nation of shopkeepers. Seen another way, we were just as much a nation of low taxes and light-touch regulation. My plan for productivity and growth has five pillars: light-touch and industry-informed regulations; lower and reformed taxation; strong working families and communities; high-quality education; and better planning and regional growth. The health of our economy depends on strong households and strong communities.
There are also ways we can simplify our tax system, making it less of a burden on small- and medium-sized businesses. Reforms to value-added tax , and national insurance are obvious contenders. We should also look to merge national insurance and income tax into a single system to boost transparency and efficiency. Licensing fees and approvals are backward and should be reduced and streamlined to encourage new entrants.
Tax cuts in the short term can be funded by cuts to government spending and spreading out debt payments over a longer period. In the long run, cuts would be funded by growing the economy.
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