Plan to boost the economy

The Institute of Directors (IoD) has proposed a new economic growth plan which aims to improve business investment and development. 'The Route Back to Growth' contains several recommendations including:

  1. Monetary policy - Quantitative easing; launch QE2 in October with an initial £50 billion
  2. Fiscal rules - A new 35% of GDP public spending target by 2020
  3. Taxation - Remove the 50% top rate of income tax
  4. Taxation - Extended corporation tax cuts to 15% by 2020
  5. EU policy - Use future Treaty and/or budget negotiations to repatriate key employment powers
  6. Infrastructure - Ring-fence transport, energy and ITC infrastructure spending
  7. Energy policy - Do no harm - don't sacrifice UK competitiveness for green credentials
  8. Education - Further expand free school provision with profit incentives
  9. Taxation - End the £100,000 personal allowance anomaly
  10. Competition policy - Intensify competition policy both domestically and within the EU
  11. Regulation policy -  Radical civil service reforms to promote de-regulation
  12. Employment Law - Nine major changes to free up the labour market
  13. Planning - Incremental 'Green Belt' and developer rights to propose, and reduce political influence over infrastructure planning
  14. Public sector performances - Greater decentralisation of public sector pay
  15. Public sector performances - No watering down of reforms to unfunded public sector pensions

The IoD claims that if its suggestions are adopted by the government, it could make the UK one of the most advanced economies in the world.

Internet link: IoD plan

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