Thank you for following what is a culmination of a number of other people’s ideas towards something that could ultimately keep the political classes to appear honest.
Economic growth needs an adjustment that takes low income/modest-gain investors feeling as fairly treated as billionaires conducting their spending, where it is not bartering within their cliques.
Best of all, criminal activity and VAT embezzling nation of shopkeepers contribute something where they may escape a great deal today.
Radicalness of it means it needs a think-tank or a financial body to make it as a suggestion based on any continuing need to keep taxes frozen, or consider when income tax bands might be raised to make that the next factor that makes or breaks a political party promise.
I am an engineer, thereby being radical is an everyday experience. But am appreciating that ideas like this never get off the ground when other levers approximate the same benefits. But few satisfy the fairness or loophole minimising paths as this. Much as I am certain the main push-back would be that the approach would be damaging, but no explanation as to why, from first principles, would be offered.
Modern Monetary Theory would imply it would lead to inflation, I suspect. But the give-back for any damage seems to me to be the classlessness of the approach.
We suffered moving from cash to ‘card’ and letting monolith organisations that are not governments take their 1,5% to 3% of retail sakes. They were not pushed through the floor as any form of volume discount, as best I’m aware.
More people paying less, with our ageing population in UK, seems to make sense.
Either that or drilling for oil in Falklands and assuming it is sour/heavy and not Brent grade, use it for bitumen for roads and hydrocarbon component of uPVC construction profiles, to save having to revert to softwood.
Sense and human ingenuity usually prevails. —Hopefully whilst we are still knocking around the place and not after we’ve gone!