I’ve always said high taxes hurt everyone because they are a disincentive to business to expand. Sticking by the rate is nothing short of economic masochism.
Like many others I went along with keeping it in place for the time being last year rather than risk the potential of throwing out the baby with the bath water in the aftermath of Gordon Brown’s inept administration.
But now the corporate tax rate needs to come down. It’s a common sense measure that will create, not destroy, the kind of entrepreneurial spirit that is so important to the Government’s plan to recharge and accelerate the UK economy through a healthy and optimistic private sector.
No long-term good will come from having a higher rate of tax than our major global competitors. We have to start laying the ground now for an environment that will generate optimum business growth.
This will attract companies from abroad and encourage those already here to expand on these shores rather than look further afield.
There is plenty of opportunity out there, and once we’ve managed to wrestle the money away from the banks there will be plenty flowing into government coffers via the Revenue.
If we lay the right foundations there will more economic activity than if we keep charging people half what they earn to live here.”
