Alexander Hammond, policy analyst at the institute and co-author of 20 Taxes to Scrap: How to grow the UK economy by simplifying the tax system, said: “A low and radically simplified tax system is the best way for our economy to recover from repeated lockdowns and prosper for decades to come.
“Given our newfound post-Brexit freedoms, now is the time for a brave Chancellor to embark on a radical tax-scrapping bonanza. The UK is in the unfortunate position of having many regressive taxes, and this paper suggests a number that could be among the first to go.”
Sam Collins, advisor to the director general at the institute and another co-author of the report, said: “Retaining or increasing distortional taxes will be a block to the British economy growing and harm all of us in the long-term.