À la suite du Brexit, l’auteur suggère que le Royaume-Uni doit s’assurer de la compétitivité de son système fiscal et favoriser les investissements en augmentant la déductibilité de certains investissements pour les entreprises.
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Ahead of the Budget, the Centre for Policy Studies is calling on the Government to adopt ‘full expensing’ to promote business investment – and address one of Britain’s most significant economic weaknesses.
Full expensing allows firms to immediately and entirely deduct the cost of any investment from their corporation tax bill.
In ‘Boosting Growth as the UK Leaves the European Union’, Stephen J. Entin – a Senior Fellow Emeritus at the Tax Foundation in Washington, DC, and former economic policy adviser to Ronald Reagan – argues that in a post-Brexit world, the UK must pay more attention to the international competitiveness of its economic policies.
Research in the USA has shown that full expensing can increase investment by 17.5 % and wages by 2.5 %. The CPS, Britain’s leading centre-right think tank, is urging the UK to adopt this approach, which would encourage firms to invest in better technology and facilities by making it easier for them to write off the costs.
This advice comes on the back of new data from the Office of National Statistics which shows that the growth in median income has stalled since 2017, growing by 0.4 %, compare with 3.0 % per year between 2013 and 2017. These figures – alongside Britain’s longstanding weakness in terms of business investment – reinforce the need for the Government to reform the tax system to promote growth.