IEA - Business rate devolution brings welcome tax competition to the UK
IEA reaction to the Chancellor's speech
Commenting on George Osborne’s speech to Conservative Party Conference, Mark Littlewood, Director General at the Institute of Economic Affairs, said:
“For too long, governments have devolved spending powers without decentralising the power to collect tax. Today’s announcement to devolve business rates and allow councils to collect revenues locally is brilliant news. Not only will it create better incentives for councils to encourage local economic growth, it will also instill discipline as their decisions will affect where businesses locate and the wider prosperity of the area.
“The creation of a National Infrastructure Commission is a misdiagnosis of how to improve the UK’s infrastructure. Rather than central planning, we need to Whitehall to stop choking development. Given the opportunity, the private sector would be raring to build our roads and infrastructure. Lord Adonis’ job should be to clear the decks, rather than to build the roads.
“People moving across the country on high speed rail should not be a substitute for people not being able to move house because of planning controls. The Chancellor could go much further in lowering the UK’s staggering cost of housing by implementing a reform of our totally illiberal planning system.
“The Chancellor’s plan to sell off the remaining government stake in Lloyds is good news for the taxpayer and the bank itself. We need a swift return for all banks to the private sector to allow innovation, growth and development. This is key to the long-term sustainability of the banking sector in the UK.”
Notes to Editors:
To arrange an interview with an IEA spokesperson, please contact Stephanie Lis, Head of Communications on 0207 799 8900 or 07766 221 268.
The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems.
The IEA is a registered educational charity and independent of all political parties.
Latest News from
JRF - Large-scale study reveals scale of debt crisis among low-income households21/10/2021 13:35:00
A large-scale study of households on low incomes has revealed the extent of the debt crisis hanging over the UK’s poorest families as the country braces to weather a cost-of-living crisis.
IEA economist responds to latest ONS public sector finances data21/10/2021 12:35:00
Julian Jessop, Economics Fellow at free market think tank the Institute of Economic Affairs, commented on the figures, published today by the Office for National Statistics
Adam Smith Inst - Send kids to tiny schools, says think-tank21/10/2021 11:35:00
Microschools vital to help disadvantaged pupils catch-up on lost education
New Local - Government is holding local areas back in quest for net zero21/10/2021 10:35:00
Councils lack the powers and resources they need to meet net-zero targets or adapt to the effects of climate change, says a new report urging the Government to devolve climate powers to local areas.
Inflation likely to be well above 4% by the end of the year, says IEA expert21/10/2021 09:35:00
Julian Jessop, Economics Fellow at free market think tank the Institute of Economic Affairs, responded to ONS consumer price inflation figures for September 2021
IPPR - The disease of disparity: A blueprint to make progress on health inequalities in England19/10/2021 10:35:00
Health inequalities are wide and widening in England.
IEA - VAT cut on energy bills would be “a welcome relief for the public”19/10/2021 09:35:00
Andy Mayer, Chief Operating Officer at free market think tank the Institute of Economic Affairs, commented on reports that Chancellor Rishi Sunak is considering cutting VAT on energy bills
Work Foundation - Outdated attitudes risk widening inequalities in hybrid workplace, think-tank warns15/10/2021 15:10:00
Employers could undo the progress made over the last 18 months and deepen workplace inequalities if organisations fail to override the deep-rooted perceptions of ‘office culture’, a leading think tank has warned.
The King's Fund responds to the Department of Health and Social Care announcement to improve access to general practice14/10/2021 13:15:00
Beccy Baird, Senior Fellow at The King’s Fund, commented on the announcement from NHS England and the Department of Health and Social Care of a blueprint to improve access to general practice