Yesterday’s economic news reminds us of the need for the Government to continue to focus relentlessly on getting our economy moving – dealing with the debt crisis, boosting bank lending to the real economy, and ensuring sustainable long-term prosperity through radical economic reform.
One of the key planks of the Government’s reforms is to make Britain’s tax system more competitive, ensuring that Britain is open for business, that we are a dynamic and an attractive place to invest in and to work in. Cutting corporation tax to the lowest rate in the G7 is one element of this plan. Cutting the top rate of income tax to level the playing field with our main competitors like New York is another.
These market dynamics are lost on Labour. Having created the economic mess Britain now faces, we should all fear Ed Miliband’s praise for a new socialist French President who plans to raise the top rate of tax to 75 per cent.
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