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UK tax system imposes unnecessary costs on the economy
2 December 2010
Links:
ifs.org.uk/mirrleesReview" target="_self">The Mirrlees Review
A recent review co-edited by UCL'S Professor Richard Blundell has found that the UK tax system imposes unnecessary costs on the economy.
The Mirrlees Review, headed by Nobel Laureate Sir James Mirrlees, was put together by a team of international economists to identify the characteristics of a good tax system for any open developed economy in the 21st century; to assess the extent to which the UK tax system conforms to these ideals; and to recommend how it might realistically be reformed in that direction.
Professor Richard Blundell (UCL Economics) was one of the editors of the review and a co-author of the conclusions and recommendations.
The review concludes, among other things, that the UK system imposes unnecessary costs on the economy and reduces employment and earnings more than it needs to.
Professor Blundell said: "We propose a clear long-term vision and direction of reform. While some of the reforms we recommend involve tweaks to current policy; others involve change which is radical and is for the longer term. There is no getting away from the political difficulty associated with some of the proposed changes. But there is also no getting away from the enduring costs of failure to reform."
Image: 'Money on My Mind' by jo.sau on Flickr. Some rights reserved.
UCL context:
UCL Economics has an outstanding international reputation in the key areas of current economics research. It is the only department of economics in the UK to have received the outstanding grade-point average of 3.5 in the 2008 RAE with over 90% of staff submitted. It was also awarded the top score of 24/24 for the quality of teaching in the QAA Subject Review 2001.
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