Writing for CapX, director of the Centre for Progressive Capitalism Thomas Aubrey argues that the current business rates system is not fit for a dynamic 21st century economy.
Category: Fiscal and Monetary Policy
Pre-distribution and monetary policy
Central banks’ drive to stabilise inflation in an increasingly globalised world has distorted the distribution of income
Central banks’ drive to stabilise inflation in an increasingly globalised world has distorted the distribution of income. It is time for monetary policy to become central to the political debate once more
Budget 2016 response: A missed opportunity on business rates
Our response and analysis of the 2016 Budget
Osborne’s fiscal devolution must go much further to transform local growth
The chancellor’s decision to devolve the full revenues from business rates to local areas is a radical step forward for England’s regions. But for local leaders to increase investment in infrastructure, they need to be able to set rates locally and borrow against these revenues.
The chancellor’s decision to devolve the full revenues from business rates to local areas is a radical step forward for England’s regions. But for local leaders to increase investment in infrastructure, they need to be able to set rates locally and borrow against these revenues. Without this flexibility there will be only minimal increases in investment. Full fiscal devolution to local authority partnerships that reflect local economies, if done after resolving longstanding flaws with the tax itself, could enable areas to generate up to an extra one per cent of revenues above their current trend rates. This would enable councils in London to finance large-scale projects such as Crossrail 2 or those in Manchester to fund a major regional transport hub.
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The Capital Markets Union needs to do more to help risk-takers
The CMU should focus on the fast-growth and innovative firms that truly make a difference and are capital constrained
The CMU should focus on the fast-growth and innovative firms that truly make a difference and are capital constrained
The long awaited Action Plan on Building a Capital Markets Union was published by the European commission on 30 September. Commissioner Jonathan Hill should be applauded for the scope of the plan and also the pragmatic nature of his approach. He has constantly stated that he wishes to focus on whatever is required to drive growth and jobs, taking a bottom-up approach rather than grandiose plans per se.
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Supporting investors and growth firms: A bottom-up approach to a Capital Markets Union
This publication focuses on how the Capital Markets Union might lead to tangible gains in investment and jobs growth. It is based on a micro analysis of the challenges faced by growth and innovative firms in six large member states
