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We have been consuming our wealth. We need to create more and consume less.

Correcting that balance requires major changes to our incentives. We must:

  • minimize disincentives to work, so people know that they will keep as much as possible of the money that they earn from whatever work that they are capable of doing;
  • reduce the costs and constraints on businesses in competitive markets, whilst resisting corporatist calls to insulate them from competitive pressures and the consequences of their actions; and
  • cut the cost and scope of government, not just to reduce taxes, but also to cut out unnecessary and harmful interventions in our personal and cooperative activities.

Our flagship policy, around which our policies in many areas are shaped, is the replacement of the current complex systems of personal taxation, government welfare, and provision of essential services, with a Basic Income and Flat Tax on personal earnings. This would have major benefits for all three of the above objectives, but is just the start of the changes we need to make.

The resulting reduction of disincentives to work would benefit individuals, employers and our national wealth. Wealth creation would be further encouraged by (a) the scrapping of many micro-managing initiatives, the quangos that implement them, and the consultancy contracts that support them, to reduce the overall cost and burden of government, and (b) the shifting of the balance of commercial taxation from taxes on employment (i.e. income) and productivity (i.e. taxes on profits and dividends) to taxes on consumption (i.e. sales tax). Corporatism would be eliminated by designing policy according to principle rather than at the behest of the corporations, through the removal of interventions that create barriers to entry, and by enacting and enforcing strong anti-trust measures.

The evisceration of bureaucratic intervention will be accompanied by devolution of power to the lowest level possible (preferably to the individual or family and out of the hands of government altogether), a complementary reduction in the number of government departments, ministers, MPs, committee seats, and civil servants, and democratization of the second, corrective chamber of government (currently the House of Lords).

These are only a few headline items. Much has not been covered, and the devil is in the detail of those that have been mentioned. Policy cannot be adequately described in a few paragraphs. Our proposed policies are set out in more detail under the headings below.

Dr. Radut Consulting