A Budget of woes? Where has our imagination gone?
George Osborne has the chance to do something really radical tomorrow in his Budget statement. He must cut public spending to shore up Britain’s precarious economic situation – he has no choice. But the fiscal crisis also means he can do far more than this. Indeed, the Chancellor has perhaps the best opportunity in a generation to make the sweeping changes necessary for the UK to reduce the size of the state and restore economic growth.
Imagine using the Budget to restructure how we tax: flattening income taxes, reducing corporation tax, getting rid of bizarre exemptions to VAT, abolishing inheritance tax along with Capital Gains Tax and simplifying enormously the tax rules for individuals and businesses…
Read the rest of the article at Reuters.