The UK currently suffers from a crushingly high tax burden. We need to remedy this by comprehensive tax reforms. Our policy group will look at business rates (an archaic system dating from Tudor times) and council tax, which is based on property values – which do not necessarily reflect people’s disposable incomes.
We need to reduce indirect taxes, which badly affect the lower paid. We will also explore raising income tax thresholds – more and more ordinary people have been pulled into higher tax bands by fiscal drag, so we need to address this. Married couples could be allowed to combine all of their personal tax allowances, which would amount to a big tax cut for working families.
We also need to look after our small and medium enterprises (SMEs). We need to make sure that Big Business pays SMEs on time. Late payments are a huge burden on small companies, which force many of them into closure.