Institute of Directors maps out "The Route Back to Growth"

October 05, 2011 10:31 AM

The Institute of Directors (IoD) has published ‘The Route Back to Growth’, a policy paper by the their new Director General Simon Walker, listing measures the Government should take to boost the UK’s faltering economic growth rate. Yesterday also saw the Chancellor of the Exchequer’s speech to the Conservative party conference in which he reaffirmed the Government’s commitment to its fiscal plan but revealed little new in the way of pro-growth and pro-enterprise measures.

The paper has 15 solid policy proposals on areas such as public sector performance, employment policy and taxation. Mr Walker explained the importance of the challenge to raise the UK rate growth rate:

No aspect of economic policy is more important than returning Britain to a growth trajectory. Without the belief that UK economic growth is expanding, confidence will wane, international investment will dwindle and British consumers and taxpayers will be left picking up the crumbs at the tables of faster growing competitors. The Government’s deficit reduction programme is a step in the right direction – but it must go faster and further before the economy is on track and prosperity returns.


Among the policy recommendations are: abolish of the 50p rate of Income Tax, continue cutting Corporation Tax to 15 per cent by 2020, limit public spending to 35 per cent of GDP by 2020, review EU directives to remove ‘gold plating’ of regulation, decentralise public sector pay bargaining and the introduction of ‘no fault dismissal’ for when work relationships have simply deteriorated beyond repair without fault being apportioned to a single person.

These are the sort of policies Mr Osborne should be studying in detail and implementing if he wants to get serious about growth. Creating a new ‘sub prime’ credit market in bonds for small business isn’t the solution to Britain’s economic problems. Freeing business from over-zealous regulation and over-complicated and burdensome taxation to create the prosperity we need is.The Institute of Directors (IoD) has published ‘The Route Back to Growth’, a policy paper by the their new Director General Simon Walker, listing measures the Government should take to boost the UK’s faltering economic growth rate. Yesterday also saw the Chancellor of the Exchequer’s speech to the Conservative party conference in which he reaffirmed the Government’s commitment to its fiscal plan but revealed little new in the way of pro-growth and pro-enterprise measures.

The paper has 15 solid policy proposals on areas such as public sector performance, employment policy and taxation. Mr Walker explained the importance of the challenge to raise the UK rate growth rate:

No aspect of economic policy is more important than returning Britain to a growth trajectory. Without the belief that UK economic growth is expanding, confidence will wane, international investment will dwindle and British consumers and taxpayers will be left picking up the crumbs at the tables of faster growing competitors. The Government’s deficit reduction programme is a step in the right direction – but it must go faster and further before the economy is on track and prosperity returns.


Among the policy recommendations are: abolish of the 50p rate of Income Tax, continue cutting Corporation Tax to 15 per cent by 2020, limit public spending to 35 per cent of GDP by 2020, review EU directives to remove ‘gold plating’ of regulation, decentralise public sector pay bargaining and the introduction of ‘no fault dismissal’ for when work relationships have simply deteriorated beyond repair without fault being apportioned to a single person.

These are the sort of policies Mr Osborne should be studying in detail and implementing if he wants to get serious about growth. Creating a new ‘sub prime’ credit market in bonds for small business isn’t the solution to Britain’s economic problems. Freeing business from over-zealous regulation and over-complicated and burdensome taxation to create the prosperity we need is.

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