This is a roadmap for a more prosperous, freer and fairer Britain for the UK’s new Prime Minister.
1. Reduce income tax
Cut income taxes by 5 percentage points. Combine National Insurance with Income tax. End tax drag by permanently indexing income tax to inflation. Take minimum wage workers out of tax and National Insurance.
2. Cut red tape
Commit to cutting red tape - which is crippling U.K. businesses - by 25% within 5 years, using the RegData method.
3. Boost investment
Implement full expensing which allows businesses to immediately deduct all new spending on plants and equipment
4. Fix housing crisis
Create a National Parks scheme to replace the Green Belt in order to protect valuable green space while allowing house building around existing rail and road infrastructure, and allow building on brownfield sites currently designated Green Belt to alleviate the housing crisis.
5. Reform spending
Reduce government spending from a historic high of almost half of the economy by, for example, abolishing unhelpful demand-subsidies like Help to Buy.
6. Abolish quangos
Set a 20% quango reduction target (they currently cost the taxpayer £3.5 bn a year), to tackle the growth of the nanny statist spending and taxes
7. Plan tax reform
Introduce a Tax Reform Green and White Paper. This should review issues such as VAT, a Land Value Tax replace business rates, stamp duty and council rates, and merging Employee's National Insurance, Income Tax, and Employer's National Insurance into a single simplified tax
8. Reduce tariffs
Commit to unilateral tariff reductions, to helping lower costs for British consumers and the inputs for British producers, and pursue true free trade agreements on the basis of mutual recognition.
9. Rework infrastructure
Scrap HS2 and devolve rail and road project spending to local authorities and city regions.
10. Reform child care
Relax our rules on child to carer ratios to Norwegian or French levels to halve the cost of childcare for young families.