RISHI Sunak has been warned to overhaul the UK tax system to help boost post-COVID economic growth, a study reveals.
Abolishing stamp duty and a major revamp of the controversial business rates would help the country recover from the pandemic more quickly, it’s claimed.
The Chancellor is also urged to make changes to corporation tax and a return to a top rate of 40p income tax would by a driver for competitiveness.
The changes form the basis of a new report from the Centre for Policy Studies and the Tax Foundation published today.
Only last week it was revealed that the UK ranked in the bottom half of the 2020 International Tax Competitiveness Index and risks falling behind further.
It states that the reforms would help the government’s ‘levelling up’ agenda and ease the tax burden in struggling areas.
Daniel Bunn, Vice President of Global Projects at the Tax Foundation, said: “The British tax system performs poorly on Tax Foundation’s competitiveness ranking due to policies that distort work and investment decisions alongside unnecessary complexities.
“Tax systems should be designed with an eye towards economic growth and efficient methods of raising revenue. Currently, the British tax system is weak on both fronts.
“This report points to reforms that could change the trajectory of the tax system to the long run benefit of British workers and businesses.”
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