Dr Madsen Pirie's latest paper, Rebooting Britain: Making the most of Brexit, was released this morning to widespread media coverage. The Telegraph ran it on the front page of their business section, the Guardian included in their front page story, and the paper also appeared in print across The Times, City AM and the Daily Mail.
The Telegraph reported:
Politicians should use Brexit as a chance to “reboot Britain”, scrapping corporation tax and reforming swathes of government in an effort to reignite the economy, a think tank has recommended.
Madsen Pirie, president of the Adam Smith Institute, said that leaving the European Union provided “a unique chance of the sort that occurs perhaps once in a generation”.
He identified tax as one area where policy has evolved “from accidents and incidents rather than from design” and proposed sweeping reforms, including the elimination of corporation tax.
The Daily Mail reported:
Britain should slash corporation tax to zero to reboot the economy after Brexit, according to a think tank. Corporation tax was reduced from 28pc to 20pc by former Chancellor George Osborne who, following the referendum, said it should be cut to 15pc to boost business.
But the Adam Smith Institute is calling for it to be cut to 12.5pc, then 6.25pc, before finally being abolished. Corporation tax is paid by businesses on the profits they make but many large multinational companies are able to avoid it. Critics also argue that the tax pushes up prices and eats into wages.
The Times reported:
The government should abolish corporation tax, inheritance tax and capital gains tax, make all schools independent from the state, legalise drugs and rescind the law that protects green-belt land, a free-market think tank has suggested.
Brexit should be seen as a chance to "reboot Britain" with a series of radical changes to government policy in an attempt to solve many of the UK's longstanding problems, a report from the Adam Smith Institute said.
City AM reported:
A controversial free-market think tank says that Britain must slash corporation tax to zero, scrap farmers' subsidies and encourage immigration if the UK is to make a success of leaving the European Union.
A new report from the Adam Smith Institute argued that the Brexit vote is a chance to “reboot” Britain, and tackle long-standing issues. And chief among the recommendations is an end to corporation tax, currently set at 20 per cent.
The Guardian reported:
Matt Whittaker, chief economist at the Resolution Foundation, said that if the IMF forecast were right, the UK economy would be £21bn smaller than thought: “A £21bn [cut] in the … economy alone would reduce the tax take by £150m a week.”
The Adam Smith Institute said the “rebooting” of the economy after Brexit should include the scrapping of corporation tax, abolition of subsidies for farmers, and protection of Britain’s fishing waters.