A single income tax would simplify our excessively convoluted system October 7, 2013 TAX simplification is back on the agenda, thanks to Simon Walker, director general of the Institute of Directors. Highlighting combined marginal rates of child benefit withdrawal and income tax of 73 per cent for those with four children earning between £50,000 and £60,000 a year, Walker called for radically simpler taxes. “I am all for [...]
Why discretionary government action can often lead to contradictory policies October 7, 2013 WITH breakfast news littered each morning with groups demanding funds or interventions from politicians, it’s hard not to conclude that appetite for all-acting government is returning – perhaps explaining Ed Miliband’s recent radicalism. But using discretionary government actions to try to solve every negative outcome or demand creates problems, not least in that it leads [...]
Mark Carney: A report card on the governor’s first 100 days in office October 7, 2013 NAPOLEON said that he wanted lucky generals. He would have made Bank of England governor Mark Carney, who will reach 100 days in office this week, Field Marshall. Since July, UK economic data has been exceptionally good. The economy probably expanded 1 per cent in the third quarter, likely the fastest rate in the developed [...]
Letters to the Editor – 8/10 – Housing supply, Flat tax, Best of Twitter October 7, 2013 Housing supply [Re: London Report: House prices set for high point as market surges, yesterday] David Cameron’s flagship housing scheme – allowing buyers to pay 5 per cent for a deposit on a house – is a reckless policy. The problem in our housing market is a supply-side one, which Help to Buy won’t address. The [...]
Obama is risking disaster for the US as his administration abandons Asia October 6, 2013 WHILE all eyes are on the horrifying sight of American political dysfunction, an equally dangerous long-term threat to the country lurks just beneath the surface: the administration’s reflexive and disastrous foreign policy pivot away from Asia and towards the thankless Middle East. Forget the comforting nostrums that the US government can focus on more than [...]
City Matters: Stable and predictable regulation is key to safeguarding the future of finance October 6, 2013 PARTY conference season has typically been a testing period for the City of London – and in particular for the banking industry – over the last few years. Thankfully, however, this year saw the focus shift at least partially away from bankers, as the spotlight turned towards other sectors that are currently public (and political) [...]
Why our loose networks of entrepreneurs need to find a collective voice October 6, 2013 A CHASM has opened up, with entrepreneurs on one side and politicians and the public on the other. It may not be an obvious division, but it is damaging nonetheless. And it is why I’m launching a new think tank today, The Entrepreneurs Network, with support from the Adam Smith Institute. It’s time to amplify [...]
Letters to the Editor – 7/10 – Washington antics, Empty rhetoric, Best of Twitter October 6, 2013 Washington antics [Re: Recovery could still be extinguished by Washington’s antics, Friday] It’s easy to blame the crisis in Washington on a intractable group of Tea Party Republicans. We can criticise their behaviour. But is what they’re saying right? The real problem the US faces is not the debt ceiling (which will likely be raised) [...]
Energy innovation is stagnating and the implications for growth are stark October 3, 2013 EVERY day seems to bring better websites, cooler startups and niftier smartphones. But there’s one area where technological progress is barely crawling along. Unfortunately, it’s one race we cannot afford to lose. I’m talking, of course, about energy. To get an idea of the problem we face, consider two stories from last week: Ed Miliband’s [...]
The Long View: Why brief can be beautiful when you’re trying to make your first billion October 3, 2013 SIZE isn’t everything. Some of the best ideas are short. But formal publication, beyond social media’s throwaway pithiness, is hopelessly garrulous. There should be more to judging the intellectual pastry than seeing how thin it can be rolled. Yet to be taken seriously, it seems thoughts today must first be eked out into essays and [...]