Cut taxes to avoid another recession, says ex-MPC member

by Kevin Reed

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19 Aug 2010

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Taxes should be cut rather than spending or risk another recession, according to former Monetary Policy Committee member David Blanchflower.

Blanchflower said the coalition government must offer workers a "tax holiday " to encourage spending and growth, he wrote in an opinion piece for Bloomberg.

"Cutting public spending and raising taxes at this point in the cycle is inevitably going to lower economic growth and raise the number of jobless. It's that simple," said Blachflower.

He also wants national insurance contributions cut to 5% for two years " immediately".

Further reading:

HMRC holds back stats on Time to Pay

Overseas sports stars call for level playing field on tax

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