The latest Richmond Events’ business panel report on tax and welfare is now available. Please read on for headline findings and to download the free report.
The latest Richmond Events’ business panel report on tax and welfare is now available.
Headline findings include:-
Welfare spending - Exactly two thirds of the panel would advocate an uplift in the Old Age Pension, the highest increase for any area. 31% believe Job Seeker’s Allowance should be cut and 29% feel Universal Credit should be cut.
The NHS – half the panel believe that paying for the NHS should continue as at present, funded from general taxation, whereas 40% believe it should be a mixture of insurance and state funded provision. 31% believe the NHS should refuse treatment for conditions resulting from poor lifestyle choices.
Education - Two thirds of the panel advocate no change from the current system. 72% disagree with any form of pupil means testing.
Defence - The 2 areas that prompt the highest level of agreement are; Britain should stop seeing itself as the world’s (junior) policeman and Britain needs the 2 aircraft carriers currently under construction.
Transport - The proposition with the highest agreement level is: ‘HS2 is a waste of money which would be better spent on multiple rail upgrades’. Bearing in mind that the key point of HS2 is that it is meant to benefit UK plc (i.e. those on the panel), this result is significant.
Taxation – The majority agree that low taxation levels are the most important factor in encouraging entrepreneurs to invest in Britain. Closely followed by the assertion that ridding Britain of large amounts of red tape is the single most important government task to encourage overseas investment.
Government spending - The top 3 areas where the panel wishes to increase government spending are transport (68%), business innovation (65%) and education (60%). The area with the highest percentage of the panel wishing to decrease spend is in International aid and Foreign & Commonwealth Affairs.
You can download the full report here.
If you have any questions or would like further information, please contact David Clark.