Labour has left investors like me out in the cold...only one party can now save us - Mandhira Kapur Smith
Rachel Reeves looks downtrodden as UK economy shrinks AGAIN: 'The numbers are …
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Kemi Badenoch is right, flat taxes are "very attractive", but her Conservative Party should go further and commit to the overhaul of the burdensome and unattractive tax system that the UK currently inflicts on its people.
Growth can only be achieved through the simplification and innovation of our current burdensome and overcomplicated tax system, which has only worsened under the current Labour Government. One solution that must be embraced is the creation of a flat tax.
Our current tax system does nothing to attract investment into the UK and it does nothing to promote growth. The over-complicated nature of our current tax system also lacks any kind of transparency for taxpayers which results in our current model of ‘tax and spend’ which the current government have willfully continued, and this creates a sentiment amongst UK taxpayers that their taxes return little to no investment.
Without a commitment to overhaul and simplify the tax system, Badenoch and her fellow Conservatives will continue to support the doom loop of ‘tax and spend’ with no return on taxpayers’ investment.
I do have faith that Badenoch can be a bold and decisive leader. The exact opposite of Starmer and Reeves. A duo that has slowly but surely strangled the life out of any potential economic growth for this country. I recently came to this country from India, where I have been managing a leading global automotive company. I believed that the UK would be the next best place to set up shop, grow the business and create jobs and opportunity. How wrong I was.
This proposed flat tax should have flexibility embedded into it. The central government would have the ability to amend the flat-tax rate based on the annual budgetary needs of the central government and public services, for example. As well as the flat tax applying to domestic taxpayers, the central government should also make the flat tax available to foreign investors. This flat tax would replace the countless number of taxes that UK taxpayers currently must pay and simplify how we tax in the UK.
The breakdown of this flat tax should include a clear minimum and maximum breakdown which would be made clear to every taxpayer. For example, this should include a minimum of an equal 15 per cent split with equal three per cent splits going into the UK's essential public services and armed forces.
Britain will experience capital flight until the Conservatives step up to the plate, writes Mandhira Kapur Smith
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We should also think innovatively about where our taxes go, and therefore, we should use the remaining percentage of this flat tax to give taxpayers the ability to invest in government-listed infrastructure projects or government-supported startup businesses, for example, and taxpayers who receive a return on investment from this should have the option to receive this return on investment as a tax-free return, therefore incentivising re-investment above the minimum threshold of tax.
This would provide the government with investment whilst limiting the monopoly of global businesses and finally delivering a tangible return on investment for taxpayers who should then be given the option to offset the amount of tax they pay or take their returns directly out tax-free.
This Labour Government has totally left potential investors like me out in the cold. The conservative movement must boldly make the case for growth and wealth creation in the years ahead to save a stagnant economy from a lifeless tax and spent Labour Party.
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