Adam Smith Inst - Giving a stamp of approval to a good tax cut
The Adam Smith Institute has cautiously welcomed most of Chancellor Rishi Sunak’s summer statement
Matthew Lesh, Head of Research, said:
"Stamp duty is Britain’s worst tax. The cut is the right move to get Britain moving. Temporary measures to get young people work experience, to build inwork skills, are also welcome in the face of an increasing minimum wage.
“Furlough continues for a few more months but reality will hit eventually. In the forthcoming Budget, the Chancellor should cut the cost of hiring by permanently reducing the burden of employers’ national insurance, remove red tape like occupational licenses, and abolish the factory tax to get businesses investing in their futures.
“The stimulus proposals are very questionable. The VAT cut and subsidising restaurants will be expensive and provide limited benefit. People aren’t spending on food, accomodation and attractions because of safety concerns, not lack of demand or cash.”
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