According to OECD UK Needs Tax Changes

According to OECD UK Needs Tax Changes

The OECD's new economic survey of the UK suggests that the nation needs to reform corporation tax and to develop new fiscal policy, noting in particular that rules giving preferential treatment to small firms may block the growth of businesses.

The report also warns against additional tax increases and spending cuts in the face of a temporary slowdown, judging that the government's fiscal plan, financial credibility and strong institutions give the UK flexibility to deal with lower than expected growth.

At the same time the OECD notes that some segments of the UK economy are weak: workforce have weak skills and welfare system to be improved to lessen inequality. Also, tax rewards should be focused on "social returns" rather than "private returns."

Other measures recommended in the report include relaxing planning rules, making further investment in productive infrastructure, improving public sector management, introducing road pricing for congested motorways and moving towards a uniform carbon price.

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