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Seven Point plan to restore Economic Competitiveness
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RT HON JOHN REDWOOD MP LAUNCHES HIS SEVEN POINT PLAN TO RESTORE ECONOMIC COMPETITIVENESS
(Room U Portcullis House 11am Wednesday 1st March) Writing in his latest pamphlet, "The Bad Bet. The Economic Failure of the European Union", John Redwood lays down a challenge to the governments of Europe and says “If they wish to advance the prosperity of all their citizens, they need to change gear, by cutting tax rates and reducing regulation. “On the EU's own forecasts the combined economies of the main EU states will fall from 18%of world output in 2000 to 10% of world output by 2050. Those forecasts are likely to prove far too optimistic. The EU policy mix is a recipe for slow growth or no growth. “Countries that slash tax rates or keep them low not only grow more quickly, but also collect more revenue. Low rates of business tax attract more businesses and more investment. In South Africa where they slashed corporate tax rates by 6%, revenues rose by 43%. The average tax rate of 40.5% in the EU contrasts with an OECD average tax take of only 26% in America and 29% in the Pacific basin. No wonder investment is pouring into the Pacific and American areas. “The UK has been in transition from being a more lively Anglosphere economy to becoming a sluggish European economy. Under Chancellor Brown manufacturing jobs have fallen by more than 1 million, and manufacturing has been through many periods of slow growth and no growth. In the last year productivity growth has slowed to a halt, and the large sums of money committed in public spending have failed to improve public services proportionately. “In order to help the unemployed back into work, to raise the living standards of the poor and advance the prosperity of all the UK needs to adopt the policies of the successful economies in the world. That means
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