The Government needs to do what it can to promote growth and reduce tax rates to ease the squeeze now being created by a tough monetary policy The good news is some tax cuts pay for themselves 🖋️ johnredwood for ipaperviews
If the Government reversed the tax changes hitting the self-employed, it could motivate more people to work for themselves, expanding the capacity of the economy. If the Government raised the threshold for small businesses before they need to register for VAT, there would be a surge of extra work taken on leading to more revenues from other taxes.
The Bank is currently encouraging those operators in the markets who want to cut the price of UK government bonds by its gloomy tone. It is driving up state borrowing rates more. It would probably do even more of the same if it felt government policy was spending and borrowing too much. Today with no such fear the Bank still wants rates higher to curb inflation.being close to their target of two per cent inflation for two years time.
Today the Bank’s forecasts tell us inflation will come back down to two per cent by 2024. If they believe that, why the need for yet more rate rises?
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