"I could save the country £28bn overnight"
Newspage asked a selection of financial services experts what they would do if they were Chancellor. Which policies that the under-fire Rachel Reeves has introduced to date would they reverse and why?
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5 responses from the Newspage communityCopy all
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If I became Chancellor, I’d reverse the planned National Insurance rise to ease pressure on workers and businesses. I’d make current stamp duty thresholds permanent, introduce an online transaction tax to level the playing field, and fast-track an overhaul of business rates to support small firms. I’d also explore an investment offset against future corporation tax (say on profits in five years) to drive long-term growth. While Rachel Reeves aims for fiscal responsibility, policies like the NI increase risk harming investment. The UK needs a pro-business strategy focused on fairness, stability and growth to secure long-term prosperity.
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If I were Chancellor, I’d reverse recent Budget changes that burden businesses and cut unnecessary red tape, making it easier for companies to thrive. I’d focus on making the UK more attractive to inward investment, particularly in emerging industries like AI, to restore our competitive edge. We need bold and decisive action to get the economy back on track.
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If I moved into Number 11, my first priority would be setting out a clear, long-term industrial and economic strategy—something the UK has lacked for decades. A strong economy isn’t just about prosperity, it’s the foundation for the public services we all rely on and the military strength we will need as Trump signals a retreat from Europe and NATO, while Putin looms ever larger in the East. Yet, regardless of who is in charge, we continue to drift from crisis to crisis without vision or direction, shuffling deckchairs on the Titanic as we head towards an economic iceberg. The UK needs more than short-term fixes—it needs a real plan for growth, investment and security, or we risk managing decline rather than building a future.
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If I took charge at Number 11, one of my biggest priorities would be overhauling property taxation to boost economic growth. Stamp duty is a major barrier to homebuying and economic mobility, so I’d advocate for a reduction or even a shift towards a proportional system where rates rise gradually rather than in sudden jumps. I'd also look to transition to a Land Value Tax (LVT), which could create a fairer, more efficient system by taxing landowners rather than transactions. This would encourage productive land use and reduce market distortions, stimulating development, improving housing supply, and supporting long-term economic growth. I'd also reverse the National Insurance increases and look to reform business rates to benefit small business owners. I would also introduce an online transaction tax to level the playing field and boost the high street.
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I could save the country £28bn overnight. Firstly, remove the indemnity on the Bank of England's asset purchase facility. Every time the BoE sells a bond at a loss, taxpayers pays for it, and we are the only treasury/central bank to do this in the world. This has an estimated cost of £10bn per annum. Next up, apply 10% tax on capital gains and lower the bank surcharge massively. Then push for unimproved land value tax, i.e. tax unproductive activity. Also raise tax bands initially then again, longer term, look to remove income tax in line with LVT increases to stop taxing labour and increase the incentive to work and build businesses. We should also increase the profit level at which corporation tax is paid to £100k, again titrating this tax away. Put in place negative income tax instead of benefits with increasing incentive to retrain, either with promise of no tax in year one to two of working. Last but not least, apply the Australian model of healthcare.