Cutting red tape
I’ve lost count of the amount of times I have spoken to entrepreneurs who have told me that the tax and regulation burdens that have grown so much under Labour are holding them back.
The result of this is Britain has become less competitive and a less good place to grow a business. The Government’s recent proposal to raise capital gains tax is a prime example.
It is then no surprise to see that the UK has slipped from 2nd to 9th place in the international competitiveness league. With Britain’s economy is relatively deteriorating and Gordon Brown failing to prepare the economy for the long term, things could get worse still.
Yesterday, George Osborne launched a report providing a blueprint for making Britain the enterprise capital of the world. The report was commissioned by the Conservatives and produced by independent experts.
It calls for simpler taxes, lower Corporation tax rates, more incentives for reinvestment, mentoring systems for young entrepreneurs and a national system of ‘Dragons’ Dens’.
The day before Alan Duncan announced a new deregulation review headed by Sir David Arculus, which includes the former chief executive of the FSA, John Tiner.
Instead of encouraging our enterprise culture to flourish, tax and regulation is causing lasting damage. The business community is crying out for change. As this report shows, a Conservative government could create a better climate for enterprise – the ingredients and remedies are clear.