UK Rescue Package – what the government should be doing

1. Encourage investment into commerce – there is huge amount of private capital available to investment – we just need to make it slightly more attractive. The solution is to make it more profitable to invest in UK commerce. Do this with tax breaks – for instance, money investment should be invested before tax (like pensions). Commercial lenders should not have to pay tax on gains on investing in commercial organisations. The cost would be tiny compared to the government loaning our money to commerce.
2. Cut bureaucracy – government is probably about 50% too big. There are many too many government organisations. The aim should the each group of people should only have to deal with two or three organisations at the most. For instance, look at a pig farmer – they have five government organisations regulating and checking their processes. This is outrageous – cut it from five to one. A commercial business has local councils, Health & Safety, Fire Service, HM Revenue & Customs, Business Link, Intellectual Property Office, Institute of Trade Mark Attorneys, Environmental Agency, Companies House, Jobcentre Plus, Prime and Age Positive. This will cut the tax burden and allow commerce to spend more time being successful and less time duplicating administration.
3. Encourage saving – while we are a consumer society, we have no tolerance to survive the bad times.
4. Banks – do not interfere with what are maximum loans and other areas. Instead regulate how the loan book is valued on their books. Surely people are confessing to illegal acts when they admit that they did not understand the financial instruments they were trading in when their jobs was to declare the correct financial position.
5. Encouragement of and immunity from prosecution for whistle blowers – applies to government and commercial worlds. If people knew that we are all watching and we all have a right to speak up, then people would. Make gagging orders and contract clauses to not speak out illegal.
6. Make sure that everyone who was responsible for the false reporting of previous years’ profits. This includes the business leaders, non-executive directors, auditors and government.