Lockdown: Expert advises how to make UK financially secure
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Economist and senior fellow at the think tank Centre for Brexit Policy has insisted Boris Johnson must make dramatic changes to ensure the success of the British economy. During an interview with Express.co.uk, Ms Mcbride argued the Government should perfect the track and trace system to avoid another lockdown altogether. She suggested new measures could be brought in like paying for those with the disease to stay at home to help prevent further lockdowns.
She also insisted VAT and employment taxes should be dropped to help stimulate the economy.
Ms Mcbride said: “I would recommend, having come back from New South Wales, a competent track and trace system.
“This is so if there is another outbreak they can potentially contact and encourage people to isolate.
“This is without the need to close down the entire country.
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“Maybe they are going to have to pay people to stay at home, but they really have to think about how much it has cost us to close down the whole economy.
“There should be a trade-off because businesses need to know they can open now and stay open.
“They can’t be in constant fear that they will be closed down again.”
Ms Mcbride also made suggestions the Government should introduce to ensure more people are working.
She said: “To get people employed again, it has been suggested that the Government should drop all employment taxes.
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“This is to encourage people, at least for a year or so, to revive existing businesses.
“For people setting up new businesses the most important thing they need to know is that they can have continuous trading, they need to remain open.”
The economist also highlighted other taxes Boris Johnson should consider altering to ensure an economic bounce back in the UK.
Ms Mcbride continued: “Dropping VAT and Stamp Duty would also be an effective way of getting people to start spending again.
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“Like corporate taxes and death duties, these are double taxations.
“People have already paid income tax, VAT collection adds to businesses administration as well.
“VAT was introduced to move taxation to consumption and to try and lessen or wipe out the black economy but now that we have all moved to credit card, tap and go payments, I think that has wiped out the cash economy more than anything else.
“I would be really surprised if that comes back so I really think we should be thinking about whether we want to continue with VAT.
“There are certainly some areas where it should at least be lowered if not dropped completely.”
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