Getting The UK Economy back on track

[3offTheTee]

When the day comes what would you do to get our economy back on track?

For starters I would cancel HS2 and also Oveseas Aid which I think is 0.7% of GDP so should be reduced.

 

[IanM]

Remove the burden of taxation on Pubs, and put it on booze sales in supermarkets. Village pubs are already taxed out of existence and need saving!

 

[cliveb]

I agree about cancelling HS2. (I don't know anyone who wants to get to Birmingham 20 minutes quicker).

But stopping overseas aid seems exceptionally mean-spirited. There's an argument that Britain only has the strength of economy it does due to its historical plundering of the rest of the world, so giving a little back is the least we can do.

We need to find some way of gathering meaningful revenues from foreign companies that generate vast wealth online but pay next to nothing in tax. And one possible way of achieving that would be to increase the VAT rate (to 30% or even 40%) on online sales for any organisation whose online revenues exceed a certain threshold. It might even provide a little help for our struggling high streets, too.

 

[MegaSteve]

Well, think any thoughts of cancelling HS2 can be dismissed... As it's firmly on the list of what Boris wants to get done...

 

[Deleted member 21258]

Going to be a long journey back for business, individuals, jobs and government.

Really would not like to be at the helm at the moment, to try to make choices.

 

[Lord Tyrion]

Some of the tax issues are still controlled by the EU as otherwise I would suggest slashing VAT and corporation tax for a 6-12 month period to stimulate matters. I'll still suggest that though

Business rates are damaging to many companies, particularly those on the high street. Some form of holiday from them would certainly help.

All of the above affects govt income but if too many companies go pop then it will be even worse long term.

 

[SwingsitlikeHogan]

We do our best to shop locally in the small retailers, cafes, restaurants etc. Might cost a bit more but the big boys can look after themselves.

 

[Bunkermagnet]

I have thought about this, and sadly I doubt many will agree with my thinking
Cancel HS2 or at least put it on hold for 10 yrs.
Raise income tax by 2p for lower rate earners, higher rate earners below £80k a 3p tax increase, £80-£120k earners a 5p tax increase and over £120k a 7p tax increase.
Any company that doesnt actually produce anything of their portfollio they sell on these shores a 5% tax charge.
Lets try and encourage those who want to sell in this country to actually produce it in this country.
For companies that repatriate production to within our borders, a 5% tax reduction.
Increase staffing levels for all emergency services and the pay levels they are at.
Increase hospital beds and the number of hospitals.
Abolish the right to buy legislation.
Rethink the date for ICE engine vehicles to be stopped, putting it back at least 20 yrs.

Fire away

 

[MikeB]

100% tax on anything made in China for retail sale in the UK.

 

[MegaSteve]

I'd be introducing a mega Amazon tax... Seems they've been making hay when the sun ain't been shining ?...

 

[Hacker Khan]

Postpone Brexit?? Anyone?? Can I get a whoop whoop??

Tough audience.....

 

[Hacker Khan]

I agree about cancelling HS2. (I don't know anyone who wants to get to Birmingham 20 minutes quicker).

But stopping overseas aid seems exceptionally mean-spirited. There's an argument that Britain only has the strength of economy it does due to its historical plundering of the rest of the world, so giving a little back is the least we can do.

We need to find some way of gathering meaningful revenues from foreign companies that generate vast wealth online but pay next to nothing in tax. And one possible way of achieving that would be to increase the VAT rate (to 30% or even 40%) on online sales for any organisation whose online revenues exceed a certain threshold. It might even provide a little help for our struggling high streets, too.

I'd argue those companies are so big and by their nature are online so can move physical locations easily, that it is nearly impossible to do that. Plus I thought one of the tactics after Brexit was to make the UK a low tax low regulation capitalist wasteland, so not sure any increase in taxes would fly with the current government in power.

 

[Deleted member 18588]

I agree about cancelling HS2. (I don't know anyone who wants to get to Birmingham 20 minutes

No, but plenty of us want to get away from London as quickly as possible.

 

[Deleted member 18588]

Postpone Brexit?? Anyone?? Can I get a whoop whoop??

Tough audience.....

Can't postpone something that has already happened.

It might have escaped your notice but we have left the EU.

 

[Lord Tyrion]

100% tax on anything made in China for retail sale in the UK.

I think a serious review of the trade relation with China is very much in order. Not only is it strongly loaded in their favour but their ability to pollute at will, without consequences, poor working practices etc should no longer be overlooked simply because they keep our inflation figures low. Our govt needs to stop sucking up to them and gain a backbone.

 

[Deleted member 21784]

This is my personal opinion but I think the gov will use this situation to their advantage and any decisions they can push through saying it's for the recover of the economy

Two of these already have been hinted at by the chanchler

The self employed tax I can see being leveled with PAYE. Not saying I agree before anyone bites. Just what he hinted

Brexit won't be canceled but we will get the soft Brexit the gov wants but the country who voted for it didn't want. So now they can say look we tried but have to for this reason

Tough times ahead for all I'd say

 

[Hobbit]

I'm in two minds on HS2. Its a lot of money for the govt to find but, equally, its a lot of money the govt is investing in private companies.

 

[jim8flog]

Have an interim reduction in pension age to 60 to allow all the young fit, not at risk youngsters to get a job.

 

[pendodave]

I'm in two minds on HS2. Its a lot of money for the govt to find but, equally, its a lot of money the govt is investing in private companies.

They could invest the same amount of money in private companies, either in national infrastructure development or elsewhere, far more productively imho. It's the very definition of a vanity project.

 

[Lord Tyrion]

I'm in two minds on HS2. Its a lot of money for the govt to find but, equally, its a lot of money the govt is investing in private companies.

I'm not a huge fan, it's never reaching the NE ?, but a version of HS2 is needed. It's needed to free up the existing network, not to speed up London to Birmingham. What I would do is review the amount of diversions, tunnels etc that were put in to buy off Tory MPs who feared losing their seats at the election. Those alterations added billions to the cost, and will continue to do so.