Unnecessary costs imposed on UK economy

Dec 03, 2010
Unnecessary costs imposed on UK economy
Image: Money on My Mind. Credit: jo.sau on Flickr

A recent review co-edited by UCL'S Professor Richard Blundell has found that the UK tax system imposes unnecessary costs on the economy.

The Mirrlees Review, headed by Nobel Laureate Sir James Mirrlees, was put together by a team of international economists to identify the characteristics of a good tax system for any open developed economy in the 21st century; to assess the extent to which the UK tax system conforms to these ideals; and to recommend how it might realistically be reformed in that direction.

Professor Richard Blundell (UCL Economics) was one of the editors of the review and a co-author of the conclusions and recommendations.

The review concludes, among other things, that the UK system imposes unnecessary costs on the and reduces employment and more than it needs to.

Professor Blundell said: “We propose a clear long-term vision and direction of reform. While some of the reforms we recommend involve tweaks to current policy; others involve change which is radical and is for the longer term. There is no getting away from the political difficulty associated with some of the proposed changes. But there is also no getting away from the enduring costs of failure to reform.”

Explore further: What happened to savings for the future?

add to favorites email to friend print save as pdf

Related Stories

Recommended for you

Industrial clusters fuel economies, according to study

Dec 22, 2014

Experts have long theorized that having a cluster of firms within a given industry helps a region's economy grow. Now a study co-authored by an MIT professor shows empirically that clusters of almost all ...

Economic output less dependent on road transportation

Dec 22, 2014

For the past 10 years, motorization in the U.S. has been on the decline, due mainly to more telecommuting, greater use of public transit, increased urbanization of the population and changes in the ages of drivers.

User comments : 1

Adjust slider to filter visible comments by rank

Display comments: newest first

that_guy
5 / 5 (1) Dec 03, 2010
It's like a conclusion without the argument. What are the unnecessary costs? This article has nothing but a hypothesis, and no evidence.

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.