Ministers urged to act on tax
Ministers have been urged to implement proposals in a new report from the Taxpayers' Alliance and the Institute of Directors in order "to transform the competitiveness of the UK".
The report calls on the Government to radically shake up the British tax system by 2020. It also calls for a single proportionate income tax set at 30%, and gives eight taxes that could be scrapped entirely, including taxes on inheritance and transactions.
IoD chief economist and director Graeme Leach told the BBC: "I think this is the single biggest gamechanger out there to transform the competitiveness of the UK. We completely agree that at the moment we are taking, we are snipping a little bit of regulation here and doing a little bit on the tax front, but we're not doing what we need, which is basically to transform the UK economy in the 21st century.
"If we're going to remain a very wealthy, one of the most advanced economies, most affluent economies in the world, we've got to have world class performance and at the moment, the tax system isn't world class, it's barely fit for purpose."