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If I were Chancellor...

I would be thinking along the following lines.
  • All import tariffs to be removed on B-day. The UK should not waste energy on trying to negotiate trade agreements. People abroad do not buy UK goods as an act of charity but because they want them or need them. It is up to them to put pressure on their own governments to get out of the way and stop preventing them from purchasing what they want. 
  • VAT to be phased out in two stages; it may result in no loss at all to the Exchequer. (this is the reason for the surprising conclusion)
  • Corporation tax to be scrapped on B-day. 
  • Additional revenue can be raised if required from the UBR (commercial rents will go through the roof if CT is scrapped, giving the Chancellor a juicy tax base). However, upwards-only rent revision clauses must be banned so that commercial rents can find their market level.
  • A national Council Tax to be raised on top Bands and G and H properties. 
  • Income Tax and NI thresholds to be raised substantially for people living and working in regions with depressed economies - at least £15,000.

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