What’s Wrong with Our UK Tax System ?
In short – it stifles incentive and enterprise..... Let me try to explain. The Covid pandemic, Brexit, and more recently the worldwide ‘cost of living crisis’ have undoubtedly put a huge strain on many western economies since the start of the decade, and ours in UK is no exception. The many billions gobbled up by pandemic costs and the furlough scheme in particular were but one example of the financial challenges we faced, and these will still have to be paid for somehow. Raising taxes was a logical response during the first years of the pandemic in an attempt to pay down some of our mounting debt. Maintenance of ultra-low interest rates and effectively ‘printing money’ via quantitative easing was another means adopted to try and soften the immediate economic blow in the late 2010s, but unfortunately had the effect of making the economy appear more robust than it actually was....and building up our debt mountain alarmingly. These policies, which were in any case out of kilter w