Britain in 50 years time still be independent, still a monarchy, and still close to America, but will no longer be influential, and may no longer make waves in science, technology, art or culture. These are among the findings of the new survey conducted by MORI for the Adam Smith Institute. It presents a detailed picture of how the British public see the unfolding century. The report covers issues such as progress, living standards and the welfare state. The young are noticeably different from their elders. They are more optimistic.
Financial Regulation: What is the best solution for the EU? responds to the EU consultation papers Communication from the Commission, European financial supervision, {SEC(2009) 715} {SEC(2009) 716} and the accompanying Impact Assessment {COM(2009) xxx final} SEC(2009) xxx}. The authors also outline thier own proposals for the future of EU financial regulation.
The reforms to financial regulation that followed the 2008 crisis have been dead wrong, argues Deri Hughes. Interventionism and subsidies for established banks have choked competition and added even more layers of protection for established banks than existed before. The answer is to take the state out of the money and banking business.
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As the Eurozone crisis lurches onwards, three academics offer their perspective on how Europe got here — and where it should go now.
Read more... This report, A Flat Tax for the UK – A Practical Reality, calls for income tax to be simplified into a flat rate tax of 22%. Under the proposal, there would be a tax-free personal allowance of £12,000.
As the report says, the concept of a flat tax, a simple tax system that charges a single rate of tax on all income, is growing in popularity. It contrasts clearly with the current systems operated in most countries, with different tax rates depending on the level and type of income or on the personal circumstances of the individual taxpayer.
Because the flat tax is paid on all income above that threshold, the rate can be very low. It ranges between 13% and 33%. The low rate encourages payment. There are no tax loopholes, nor the need for them, given the low rate. Instead of paying accountants to shelter income and move it offshore, people find it cheaper just to pay the tax. And a low rate makes it more worthwhile to earn more, which brings economic expansion.
A flat tax is simple, letting people understand their obligations. It is fairer, with low earners paying nothing and the rich paying their due. And it unleashes all the talent and enterprise being held back by a devious and complex system.
The public forest estate no longer serves a public purpose. It occupies 10% of the area of Great Britain and over 15% of the rural area of mainland Scotland. All of this is outside local control. Over the last eighty years the national forest policy has been a complete failure and the Forestry Commission is to blame. There has been no return on investment, no commercial value and worst has failed to deliver on any of its objectives. The authors claim that the public forest estate should be freed from government constraints and protection. The woodlands should be returned gratis to the residents of the communities of which they could then become part.
Miles Saltiel is an investment banker with experience of the privatizations of Eastern Europe. Allan Stewart MP is a former Minister of State at the Scottish Office.
Here's an interesting statistic: Our dear government is spending our money at the rate of £9.57 per hour for every working man and woman in Britain*. That's twice the National Minimum Wage. Think of it, a burger-flipper earns £4.50 per hour and Gordon spends a further £9.57. A dear government indeed. But do not despair, the Tories have promised to bring that down to £9.11 per hour by 2006**. Hooray for them.
The government’s failure to stimulate free school supply has major implications for its overall programme of market expansion, argues James Croft.
The Adam Smith Institute is the UK’s leading libertarian think tank...
