The UK government found out the hard way that raising taxes on businesses for daring to employ people leads to fewer vacancies and more job losses. Still it refuses to cancel the damaging tax. It does not seem to have learnt that increasing the already high taxes on people with savings and investments drives millionaires as well as billionaires abroad and will result in less tax revenue, not more. Under the 1970 s Labour government it became a damaging brain drain as it was called. Our pop stars joined entrepreneurs in the rush for the exit. When the following Conservative government made major cuts in tax rates on the better off many rich people came back and revenues from the wealthier soared.
The government does understand extra taxes imposed on our exports to the US are damaging and like me would like to get these taxes called tariffs down. It could start by offering to take our tariffs off US exports in return for the US cancelling tariffs. Played right Trump’s tariffs could be an opportunity for freer trade from lower taxes through a deal.As the government knows US tariffs are wrong it should see UK tariffs would be even worse. They are a direct hit on UK consumers.
The last few months have shown just how much economic damage higher taxes by the UK government can do with growth extinguished, inflation up and new jobs cancelled. The US tariffs have led to a big market sell off as investors fear reduced growth and disrupted trade. The Uk government needs to use the excuse of the Trump tariffs to reboot its own approach to growth. As it knows US taxes on our exports are harmful and need reversing it needs to see its taxes on jobs and wealth have already proved to be destructive. Remove these taxes.Take up ideas for saving wasteful public spending from this site and elsewhere without robbing from pensioners and people on disability benefits.