The government has already carried out two of the essential policy changes for us to be better off. The first is to switch the aim of policy to the promotion of prosperity and growth. The second is to make selective increases in public sector employment with teachers, police and doctors, and to expand worthwhile public investment.
The third must be to cut taxes in a Brexit budget. In a fast moving global economy capital and talent moves to the places with the more attractive tax rates. The UK government has been correct to lower our Corporation Tax rates at a time when the USA, India and others are doing the same. It is also necessary to have competitive personal Income Tax and transaction tax rates. The planned cuts in National Insurance will boost personal incomes and provide a stimulus to consumption.
The UK needs to lower Stamp Duties and CGT on property transactions. Lower rates will also bring in more revenue by encouraging more capital into the UK and fostering more transactions.
The UK needs to reduce the top rate of Income Tax to the 40% that prevailed during most of Labour’s time in office. That would help resolve the issue of doctors’ pay.
The government should implement its planned cuts to tariffs on imports from non EU sources. All components needed for Uk manufacture should be tariff free. All foodstuffs that we are unable to grow for ourselves should also be tariff free.
The UK should expand its freeport strategy and ally them to enterprise zones where it is easy to get permissions and support to base a new or expanding business.